MakerDAO Launches Multi-Collateral Dai

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.

Today's a big day for @MakerDAO and Ethereum. Here's what the transition to MCD means for our users. TLDR: In the coming weeks we'll launch: – One tap SAI-DAI conversion – One tap CDP migration (iOS) We're focused on keeping your experience simple — Argent (@argentHQ) November 18, 2019

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

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


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