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MakerDAO reveals promising figures after launch of Multi-Collateral DAI

Sahana Kiran

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Source: Unsplash

Yesterday, MakerDAO rolled out Multi-Collateral DAI [MCD] on its platform. While the platform continues its support for Ethereum-based collateral, support for Brave’s Basic Attention Token [BAT] was also added to the platform. Therefore, MCD would be supporting ETH as well as BAT tokens, for the time being. The platform is also eyeing Augur [REP], Golem [GNT], 0x [ZRX], DigixDAO [DGD], and OmiseGo [OMG] as potential assets on the platform.

The latest addition to the Maker platform requires users to migrate from Single Collateral Dai [SAI] to Multi-Collateral Dai. MakerDAO’s Mariano Conti went on to update the community about DAI’s progress and tweeted,

“Just over 12 hours in, some numbers for @MakerDAO Dai: – 2.4 million Dai – 88% ETH, 11% BAT, 1% Sai – 689 Vaults opened – 470k Dai in DSR – 534 Dai generated in Stability Fees – 6 liquidations already!”

At the time of writing, however, the figures had gone way beyond the same. According to DAI Stats, there were a total of 6,403,697.126 DAI in total. Further, about 6,118,083.014 DAI were acquired from ETH, followed by 269,552.625 DAI from BAT. 335.306 DAI were also obtained from SAI. The ETH stability fee and BAT stability were at 4.00 percent. However, the stability fee of SAI was at 0.00 percent.

Additionally, Dai Savings Rate [DSR] was another addition to the platform. This feature will allow users to lock their DAI into Maker’s DSR contract, while gaining a variable interest rate in DAI. At the time of writing, the DAI Savings Rate was at 2.00 percent, while the DAI in DSR was 542,872.369.

The relabeling of the term. ‘Collateralized Debt Position’ [CDP] to ‘Vault’ is another upgrade on the platform. There were a total of 768 vaults opened, during press time.

However, the total number of DAI locked in DeFi was fairly low. After recording an all-time high of 30.022 million in terms of DAI locked in DeFi, on 7 November, things went downhill. The total DAI locked in DeFi, as of today, was 16.235 million.

Sahana is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector across geographies.