RATE Group | One Wallet Owns 27% of Ether Behind MakerDAO’s Sai Stablecoin
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One Wallet Owns 27% of Ether Behind MakerDAO’s Sai Stablecoin

26 Jan One Wallet Owns 27% of Ether Behind MakerDAO’s Sai Stablecoin

Posted at 11:52h in Ethereum News by

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Of all the Ether (ETH) locked in the collateralized debt positions (CDPs) of the old MakerDAO system, 27% belongs to a single Ethereum address. Financial technology data firm Digital Assets Data shared these findings with Cointelegraph on Jan. 26.

Dai, which was created by MakerDAO, allows users to borrow or generate the stablecoin by staking their cryptocurrency holdings as collateral. Dai was not supported with bank accounts of reserve currencies but rather is generated by putting Ether into a CDP smart contract.

In November 2019, the Dai stablecoin reached its 100 million token debt ceiling and introduced multi-collateral Dai (MCD) that can be backed by multiple assets.

The old, single-collateral Dai — Dai that generated only with Ether — became known as “Sai,” while the new MCD is now referred to as “Dai.” CDPs for different assets were rebranded as “vaults” i.e. Ether is stored in an Ether vault, while Basic Attention Tokens (BAT) are stored in a BAT…

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