MakerDAO Unveils Technology to Leverage Its DAI Stablecoin via Any Crypto Asset
The MakerDAO community is making an effort to push its token forward and we are not talking about hiking the stability fees of the token this time. Soon people will be able to back their loans with any kind of token, not only ETH as it was before.
During the weekly community call, the product coordinator of MakerDAO Foundation (a nonprofit that runs the network), Chris Bradbury, has shown how the new technology will work, showing images of how it will look like and explaining some of the new functions.
At the moment, 2% of all ETH (around $3 million USD) is locked in smart contracts to back DAI tokens. Now, the goal of the company is that, in the near future, many other assets will also be available for staking on the network in order to get your tokens.
However, even with the technology, there are still many governance questions which have to be answered before the service is effectively working. For instance, the measure has to be approved by the community before other tokens can be used as collateral in this case. So, while it will be technically possible to use all assets, only some of them will be approved.
According to the MakerDAO Foundation, the technology has been in development since September. With the new tech, users will be able to make the loans and to use the new dashboard to track their loans and see how much money they got staked in the system.
One of the main advantages, at least in this new conceptual product, is that the users will have a lot of freedom in order to choose the assets that will be collateralized and any crypto wallet can be used to back the loan, not the one you used at first.
The idea was to ensure that no matter where a user is, he can simply pay whenever he wishes, even if he does not currently have access to all his wallets. Another promise is that the new technology will be far more easy to use on mobile devices.
Some people have complained before that the main MakerDAO site was not fully integrated for a mobile experience, so the developers made sure that they gave more flexibility to the users this.
At the end of the conference, Bradbury asked for feedback and affirmed that the project is still very early.