MakerDAO is set to introduce multi-collateral Dai update in 10 days. The new version will allow for Basic Attention Token to be used as collateral in addition to Ethereum ahead of other tokens. The upgrade will also introduce interest on locked-up deposits.
The multi-collateral Dai update is more comprehensive than the name would suggest. Alongside a line up of new features it phases out the ‘old’ single asset Dai as Sai, requiring all users to migrate to the new token within a few months. The update will introduce interest on deposits, and “collateralized debt positions,” or CDPs, were renamed as “Vaults.”
Community votes to drive the processes
MakerDAO makes many of its critical governance decision via community vote. In addition to governance decisions, holders of the platform’s coin, Maker, benefit from dividends from the platform but also assume additional risk as insurers in cases of system failure.
An example of one of these decisions is today’s vote for lowering the ‘stability fee,’ equivalent to the interest rate on a loan. Announced Thursday and locked in today, the proposal lowered the fee by half a percent down to five percent. The vote also…
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Author: Andrey Shevchenko