Multi-collateral DAI

Multi-collateral DAI DAI

Market Cap $ 576.165 MM (#41)
24h Volume $ 92.009 MM
Chg. 24h: -1.04%
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Multi-collateral DAI News

Whale Voter Elects to Cut MakerDAO's DAI Loans's Stability Fee by More than 40%

On Oct. 25 MakerDAO token holders elected to reduce the stability fee on all DAI loans to 5.5%. The ETH-pegged stablecoin currently has 1.7 million ETH (1.58%) of the total ETH supply locked in DAI smart contracts and to date, more than $319 million worth of DAI loans have been issued. Since the stablecoin is pegged to ETH, the price of DAI regularly fluctuates and token holders maintain the value of DAI by issuing new tokens and increasing the stability fee on DAI loans. The Maker Foundation Interim Risk Team confirmed that the action had been taken on Oct. 28. Typically the voting is done on-chain via the Governance Dashboard but the most recent decision was taken by a large MKR whale who submitted a single vote which pushed the number of submitted votes from 2,489 to 44,539. Many in the crypto community have criticized the fact that a single voter was able to control 97% of the voting power at MakerDAO. (RS)

a year ago

Maker Launches Oasis Trade on OasisDEX Protocol in Step Toward Decentralized Finance (DeFi)

Maker has launched Oasis Trade, which the project defines as "an updated version of built on the OasisDEX Protocol." Maker also states that Oasis Trade is the "first step" toward building what it describes as "an all-in-one decentralized finance (DeFi) hub whereby users can trade crypto assets, earn savings by locking up Dai in the Dai Savings Rate (DSR), and access Multi-Collateral Dai CDPs." Oasis Trade will "support the trading of — and provide liquidity for — ETH and other collateral types currently being reviewed by MKR voters for inclusion in Multi-Collateral Dai (MCD)." Maker is behind the Dai stablecoin that is on the Ethereum blockchain and backed by the U.S. dollar. (CJ)

a year ago

MakerDAO Founder: Stablecoins Make Blockchain and Crypto Relevant to Regular People and Businesses

MakerDAO Founder Rune Christensen was featured in a Bloomberg segment for a discussion on stablecoins. He said the stability that stablecoins provide is needed to make the blockchain and crypto "relevant to regular people and businesses," adding "the volatility that you see in something like bitcoin simply doesn't work in everyday life." Christensen noted that there are many stablecoins avilable but many of them are centralized in nature, such as the planned Libra coin by Facebook. "What Maker is actually doing is trying to get beyond this model of just trusting some custodian and instead creating a stablecoin that actually maintains the core value of blockchain by being decentralized," Christensen said, adding that Maker "maintains its stability purely through code entirely on the blockchain." (CJ)

a year ago

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