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Maker Foundation to launch MCD in 6 weeks
October 09  |  2 min read

Multi-Collateral Dai (MCD) Is Ready To Be Launched on Nov 18

The COIN360 Editorial Team

CEO of the Maker Foundation Rune Christensen revealed that Multi-Collateral Dai (MCD) is ready to launch on November 18.

MCD is a decentralized system, which means that after the launch it will work autonomously. Christensen highlighted the key role that decentralized governance of the Maker Protocol will play before the launch and motivated MKR holders to actively vote on November 15.

Multi-Collateral Dai will introduce new features, including the Dai Savings Rate (DSR), which allows DAI holders to lock tokens in a smart contract for additional earnings, and CDP collateral types. The Maker Foundation will provide 3 documents to MKR holders for review in the coming week. MKR holders will review and vote on the terms of new products.

In a comment to COIN360, Ethereum developer Taylor Ramos, familiar with the matter, highlighted “two perceivable benefits” of the launch:

“The first one is the increase of DAI stability by having it backed by multiple tokens. It would be less susceptible to price dumps of a single token or ETH (in theory). The second one – is the increase of MKR value.”

According to the developer, the second benefit is expected to bring “added value to MKR”:

Additionally, Maker’s CEO has announced a redesign of the company web page that, in his words, “would help move DeFi into the mainstream and allow Dai to be globally recognized as a currency.”