makerdao mcd
MakerDAO Launches Multi-Collateral Dai
November 19, 2019
makerdao mcd
MakerDAO Launches Multi-Collateral Dai
November 19, 2019

MakerDAO will launch a new type of Dai (DAI) stablecoin, known as Multi-Collateral Dai (MCD).

The new DAI will be backed by several types of collateral in contrast to existing Single-Collateral Dai (SCD), which will now be called Sai (SAI). 

The announcement was initially made in October, with the firm providing the update on Nov. 18 on the upcoming changes to Dai.

Plan to Phase-out Sai In Several Months

The initial plan is to phase-out Sai while there is no exact date for the full shift to MCD although, it is expected to come several months from the launch.

Maker notes that users of Dai will be able to convert their SCD to MCD via the Argent wallet soon after Nov. 18.

Dai is generated by putting Ether (ETH) into a CDP smart contract and not supported by currencies, unlike other stablecoins.

ALSO READ :  Binance and Tokocrypto Lists First Rupiah-Backed Stablecoin

In early November, the Dai stablecoin hit its 100 million token debt ceiling ahead of the collateral protocol upgrade.

The launch will not require any action from Dai users till yet. However, Maker said it will update its users when action is required.

Source: Medium | Cointelegraph | Image: Altcoin Buzz


Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.