This innovative version will be known as Multi-Collateral DAI (DCM) and will also bring changes to the digital currency ecosystem, such as the new DAI savings rate and other additional guarantees.
The MakerDAO Foundation, the organization responsible for the operation of the stablecoin DAI, will officially launch the new version of the digital currency on Monday, November 18, which will now be backed by cryptocurrencies other than Ether.
The CEO of the MakerDAO Foundation, Rune Christensen, revealed for the first time the announcement during the DevCon 5 conference in Osaka, Japan, indicating that the new proposal would be put to the vote (by the MKR token user community), with which DAI now it would be backed by ETH, REP, BAT and ZRX tokens.
The vote took place on November 15 and resulted in the approval of the proposal for the Multi-Collateral DAI (MCD), one of the milestones of the MakerDAO project that, in the words of its directors, will have a strong impact on the future of Decentralized finance (DeFi), as this creates a new dimension for DeFi Dapps.
In addition to the launch of the MCD, the MakerDAO protocol also includes among its new improvements the DAI savings rate and other additional guarantees, in addition to some changes in the visual design of the digital currency.
In line with the new changes that come to DAI, the MakerDAO website also included new user interfaces to trade, apply for loans and keep funds in digital currency safe.
Also, there is the possibility of increasing the limit of issued DAI tokens to a total of 120 million units, precisely because the loan system reached the limit established by the community, in turn proposing a 5% stability rate to keep the price of the digital currency on pair with the US dollar.
The success of DAI as a stablecoin
DAI is one of the stablecoin that gained the most traction among members of the digital currency ecosystem, precisely because unlike other currencies such as Tether, USD Coin, Gemini Dollar or TrueUSD, DAI is a cryptocurrency that works on the Ethereum network and It is not associated with any issuing company or exchange.
The project is in charge of MakerDAO (a DAO-Decentralized Anonymous Organization), so that important decisions regarding the future of the digital currency remain in the hands of the community, thus guaranteeing the decentralized operation of the project.