Introduction
The MakerDAO ecosystem has officially upgraded its Dai stablecoin to a multi-collateral model (MCD), expanding its utility beyond Ethereum-based assets. Notably, Coinbase will begin supporting the upgraded Dai token starting December 2nd, offering seamless migration for users.
Key Features of Multi-Collateral Dai (MCD)
1. Expanded Collateral Options
- Beyond ETH: MCD introduces support for additional ERC20 tokens (7 candidates under review), diversifying collateral types.
- Community Governance: MKR token holders will vote to determine the initial approved collateral assets.
2. Dai Savings Rate (DSR)
- Native Earnings: Dai holders can now earn savings directly through the protocol, with rates set by MKR governance.
- Stability Incentive: The DSR aims to balance Dai supply and demand by rewarding long-term holders.
3. Transition from Sai to Dai
- Coinbase Auto-Upgrade: Single-collateral Dai (Sai) held on Coinbase will automatically convert to MCD on December 2nd.
- Manual Migration: Users outside Coinbase can migrate via MakerDAO’s Migration app or Coinbase Wallet.
👉 Learn how to migrate your Dai tokens
Community Concerns Addressed
No Traditional Assets or KYC (For Now)
- Decentralization Focus: MakerDAO temporarily shelved plans to include traditional assets or KYC requirements after community backlash.
- Future Flexibility: The protocol retains scalability for potential future collateral expansions while prioritizing decentralized finance (DeFi) principles.
FAQs
1. How does the Dai Savings Rate work?
The DSR allows Dai holders to lock tokens in a savings contract, earning interest dynamically adjusted by MKR governance votes.
2. Can I keep using Sai after December 2nd?
Yes, but exchanges like Coinbase will only support MCD. Holders must migrate or transfer Sai to non-custodial wallets.
👉 Explore DeFi opportunities with Dai
3. Which ERC20 tokens might be added next?
MakerDAO is evaluating assets like BAT and USDC. Proposals and voting occur via the DAO’s governance portal.
Conclusion
The multi-collateral Dai upgrade marks a pivotal step for MakerDAO, enhancing flexibility and user incentives while preserving decentralization. With Coinbase’s integration, mainstream adoption gains momentum—without compromising the ethos of DeFi.
Have thoughts on the upgrade? Share your perspective below!
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