Maker DAO, the most active decentralized finance app on the Ethereum network, has announced a date for its long-awaited multi-collateral DAI generation. According to observers, November 18 may be the date MKR starts accepting other assets as collateral.
Multi-collateral DAI creation has the potential to be riskier in comparison to ETH-based models. Currently, Maker is deliberately over-collateralized at above 300%, with the minimum at 150%, due to the high volatility of crypto assets.
The news of the multi-collateral DAI were announced during DevCon 5 in Osaka, Japan, during a speech of Rune Christensen , CEO of the Maker Foundation. To activate the multi-collateral decision, a vote has been set for November 15, as part of the dedication of Maker to distributed governance.
Another much-awaited feature will also be activated - the DAI Savings Rate . After the launch of multi-collateral DAI, Maker will launch an app that will issue a DAI interest rate for simply holding onto the dollar-pegged coin.
The first batch of tokens to be used as collateral is also known, and will be put up for voting soon. The assets include:
Augur (REP) Basic Attention Token (BAT) DigixDAO (DGD) Ether (ETH) Golem (GNT) OmiseGo (OMG) 0x (ZRX) Those tokens have been significantly hurt by the bear market, but are stable enough so far to allow usage as collateral.
The health of the DAI stablecoin has improved since the forced liquidations around September 24. DAI increased its supply from recent lows under 80 million coins, to above 82 million coins. The stablecoin sees volumes of around $2.8 million per day. MKR prices jumped significantly in the past day, to $$489.29, up more than 7% in a single day.
The Maker DAO will also face another phase when it comes to collaterals. The plan for decentralized finance includes the acceptance of traditional assets as collateral. However, the addition of fiat or other assets may trigger requirements for KYC within the Maker ecosystem. So far, participation in DeFi and crypto lending schemes is still distributed and anonymous.
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