The Maker Foundation CEO Rune Christensen, has confirmed Maker is prepared to launch its Multi-Collateral Dai (MCD) system on Nov 18. Christensen revealed this in Osaka, Japan, at the Devcon 5 event, and also reminded all MKR holders that the only way the system will go live is if they actively cast votes on November 15.
According to an official Maker blog post:
“The launch of MCD will mark a huge milestone reached for the MakerDAO project – a turning point that will have a strong impact on the future of Decentralized Finance.”
Generally, the MakerDAO project uses Ethereum (ETH) as the collateral for its Dai issuance. The proposed feature would however see that multiple digital currencies can be used as collateral, and not ETH alone.
The MCD is expected to offer new features to its ecosystem including the Dai Savings Rate (DSR) as well as the new types of collateral for Collateralized Debt Positions (CDP), as mentioned above. The DSR is basically a feature that will let holders of the DAI stablecoin lock their DAI in a smart contract, allowing them to earn additional DAI. There will also be a decentralized application (DApp) that will make deposits and withdrawals very easy. For the new collaterals for CDPs, the assets to be evaluated include Augur (REP), Basic Attention Token (BAT), DigixDAO (DGD), Golem (GNT), OmiseGo (OMG), 0x (ZRX) and Ether (ETH).
A few days ago, stability fees were also decreased, after the process first began months ago.
Image Credits: Pixabay
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