THELOGICALINDIAN - With the accession of BAT as accessory MakerDAO isnt aloof for ETH holders
MakerDAO users can assuredly pale assorted cryptocurrencies to aback the Dai stablecoin. Multi-Collateral Dai went alive with abutment for Brave’s Basic Attention Token. Additionally, the advancement continues abutment for Ethereum-based collateral. Other tokens, including Augur and 0x, may be on the way as well.
Multi-Collateral Dai additionally has a few accessory features. Most notably, it coincides with the Dai Savings Rate, which draws funds from the project’s adherence fee in adjustment to pay allotment to users. Today’s advancement additionally allows users to pay their adherence fee with Dai rather than the beneath frequently captivated MKR babyminding token.
Unlike Tether and best added stablecoins, Dai is not backed by a axial assets of authorization currency. Instead, alone users lock up their crypto backing in a blockchain acute contract, acceptance them to affair their own Dai. It’s an aboriginal model, and with any luck, these new appearance will allure added users to the platform.
MakerDAO Gets a Makeover
To accompany with the upgrade, MakerDAO has undergone a rebranding. Dai has been accustomed a new logo that resembles a accepted bill sign, abundant like the dollar sign, the Euro sign, or Stellar’s adapted logo. This change reflects MakerDAO’s ambitions of acceptable a cryptocurrency with bartering uses — not aloof a stablecoin.
The advancement additionally introduces a simpler allotment scheme. Multi-Collateral Dai has done abroad with the appellation Collateralized Debt Positions in favor of “vaults.” Though the two appearance are added or beneath the same, the closing appellation is self-explanatory. “The Maker Vault in MCD is area a user deposits accessory and generates Dai,” MakerDAO elaborates.
Finally, Single Collateral Dai has been renamed “Sai,” while Multi-Collateral Dai has taken on the absolute name “Dai.” This reflects the actuality that Multi-Collateral Dai will cede the old arrangement anachronistic back the association chooses to do so. “The befalling to drift is not open-ended,” MakerDAO states, advancement users to drift soon.
Operational Challenges Ahead
MakerDAO’s advertisement indicates that the alteration to Multi-Collateral Dai will acquaint challenges. “Careful ascent charcoal acute as Maker Governance becomes added more sophisticated,” today’s advertisement reads. Decisions on affairs such as fees, features, and changes can be apparent in absolute time on this page.
Historically, changes to MakerDAO’s adherence fee accept been a arguable issue. This fee incentivizes users to actualize and abort Dai, ensuring that the bread maintains a $1.00 amount peg. However, the fee has been trending upward, afflictive affluence of agitation — admitting added contempo trends accept brought the fee bottomward slightly.
Fortunately, these affairs mainly affair users who affair their own Dai through the collateralization process. Investors who buy absolute Dai on an barter won’t apprehension abundant of a difference. In fact, Coinbase is planning to drift on its users’ behalf, so the alteration should go calmly for abounding Dai holders.
