- Users will be able to make money by saving their Dai and pegging the token to various crypto currencies.
- Maker will enter a grace period on November 18 to migrate from the old one- token system to the new multi-coin one.
The MakerDAO community will soon be able to issue stable crypto coins backed by multiple digital assets, in addition to ether (ETH). The network developers have launched a new token, the Multicolateral DAI (MCD), which will integrate this function into the Maker protocol.
On November 15, MakerDAO announced the implementation of this new version of the token on the main network. They confirmed the start of an extensive migration process, an event that will allow users to exchange the possessions of the DAI currently running on the network – known as Sai – for the new multi-collateral Dai.
The new version of Maker will bring significant changes to the operation of the network. Also, users should be aware of all the details to migrate their possessions in Sai or CDP without major problems. This article will focus on explaining the most important points a Dai owner should know about Maker’s new token.
More collaterals and potential for earnings
One of the most outstanding features of the multi-collateral IAD is the ability to issue tokens anchored to various financial assets. Today, Maker users can generate a stablecoin (DAI) backed only by ETH. However, in the future when the MCD is in operation, it will be possible to generate stablecoins backed by multiple assets such as REP, BAT or OMG.
The community will help generate a list of collateral assets that will be eligible for support, which will be voted on in governance votes by MakerDAO governing nodes. Each of the proposed crypto currencies will be evaluated for market diversity, daily volume and stability for long-term approval.
The multi-collateral Dai will also introduce one of the…