MakerDAO Partners with VANTA to Swap Local South Korean Currencies With DAI Stablecoin
MakerDAO, the company behind the DAI stablecoin, has a new plan to boost the popularity of its services in South Korea. The company has established a partnership with VANTA, a local decentralized network, in order to encourage more people to adopt the DAI tokens in the country.
This new plan will have a collaboration of the local government and will involve VANTA and HYCON, a South Korean blockchain services company.
Several South Korean towns have “local currencies”, which are part of a governmental plan to boost their local economies. Now, MakerDAO and the government will start a new partnership to switch from these local currencies to the most technologically advanced cryptos. This, the parties involved believe, will boost the transparency of the system and its security as well.
Now, MakerDAO will swap local currencies by its stablecoin DAI in a gamble to increase its popularity. VANTA is helping the company to let this happen. VANTA, which is supported by these local currencies, will provide its API so that people from the cities are able to connect with their communities.
HYCON has worked with the South Korean government before to create the so-called first local currency of the world, a project called Nowon Coin.
MakerDAO And Fee Hikes
MakerDAO was recently featured on the crypto news as the company’s stablecoin DAI was facing hard times. According to reports, the company was being sold in secondary markets by around $0.96 USD when its real price should be $1 USD.
This caused the holders of the network to decide for a fee hike. The fees are burned from time to time in order to diminish the supply of the token and to make them stronger. In order to participate in the votes, a user had to stake their own tokens. During the vote, it was decided by the majority that the fees should be increased in order to maintain the prices stable.