The manufacturer's stability fee drops to 5.5% after the multi-collateral Dai announcement

According to Rune Christensen, CEO of the Maker Foundation, the multi-collateral Dai (MCD) will be launched on November 18th. On October 28th, Maker's stability bonus was reduced by a "whale" with about 94% of the votes.

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Maker's multi-collateral Daker will launch November 18

Decentralized Financing Project Makerdao is responsible for creating the stablecoin based on cryptocurrency called dai. Initially, the project used ETH as a form of guarantee for issuing dai, but the project revealed that in the future, various other digital assets could be used. Announced at the Devcon 5 conference in Osaka, MCD will bring new features such as the dai savings (DSR) and a secured position on debt (CDP) will be known as "safe". The types of collateral valued first include coins such as Augur (REP), Digixdao (DGD), Golem (GNT), Omisego (OMG), Ether (ETH), and 0x (ZRX). This means that the community will produce two types of pieces: the unique collateral dai (what the dai is today) will be called "sai", while the pieces created by MCD will be called dai.

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In March, news.Bitcoin.com looked in detail at Makerdao and Dai Stablecoin, based on Ethereum. The report explained that a CDP, now called safe, required 150% of the loan amount paid with ETH. In addition, there is a stability commission (interest rate) during the life of the loans dai. Since the launch of the project, the play has remained relatively stable despite a few failures during its course. In mid-April, the Makerdao community repeatedly voted to increase stability fees, as dai chips were struggling to keep the 1-dollar counter. The problems upset borrowers when stability fees exploded from 0.5% to 19.5%. Interest rate increases also pushed the price of dai above the $ 1 threshold, and many traders saw the dai sold at over $ 1.05 per coin.

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Natural centralization?

On October 28, Daniel Onggunhao, software engineer at Binance, revealed that the stability fee for the dai had been reduced to 5.5%. "One whale (with 97% of the vote) made the decision – it went from 2,489 votes a few hours ago to 44,539 votes," Onggunhao said. tweeted. "I say it normatively, neither good nor bad. In a perfect world, it would be great if we had a constituency distributed for such a big move. Onggunhao added:

The pragmatic reality is that at an early stage and difficult to understand a technology, decision making tends to centralize naturally.

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(Left) Voting addresses showing the best supporters and 94% of votes. Daniel Onggunhao made a mistake in his original tweet saying 97%, while he was actually at 94%. (Right) The new visual identity of the dai stablecoin.

A number of members of the cryptocurrency community discussed the whale vote after Onggunhao's tweet. The founder of Binance, Changpeng Zhao (CZ) was quick to search: "Welcome to" decentralization ", where everything is possible, and that no one can control, even a certain centralization." Not everyone thought that the concept of "centralization" was a good idea for Makerdao's "decentralized" governance system. "Proof-of-Stake (PoS) systems centralize much faster than alternatives because they do not generate maintenance costs and, in the early stages, bulk acquisition of batches. is always easier than buying material in real quantities, "Riccardo Spagni de Monero replied during the conversation.

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CDP have been renamed vaults.

A person at variance with the initial tweet of Onggunhao and said that he did not think there was a single "whale" with 97% of votes "." There could be one voter who represents 97% of this particular vote – it's still a problem, but on governance not control. "Onggunhao accepted and still underlined:

That's right, I'm sorry for throwing the tweet. I also made a mistake of amount (94.7% instead of 97%).

Guaranteed multi-coin options and lower fees will likely help increase the growth of the Makerdao system

The Makerdao project has been a favorite of the cryptocurrency community, as dust stablecoin is supported by digital currency and a decentralized autonomous organization. The stablecoin is not without criticism, and the Maker protocol is still a very young network. However, with the addition of parts from MCD's launch and Maker's stability fee reduction, it is likely that the dai ecosystem will grow considerably. At present, about 2.2% of all existing ETHs are stuck in the Maker system.

What do you think of Makerdao's latest MCD announcement and the recent vote to remove stability fees? Tell us what you think about this topic in the comments section below.


Image credits: Shutterstock, Makerdao, Dai, Medium, Daniel Onggunhaoand Pixabay.


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Tags in this story

0x (ZRX), augur (REP) digixdao (DGD), Binance, Cryptocurrency, CZ, DAI, dai tokens, Daniel Onggunhao, Devcon 5, Digital Resources, ETH, ether (ETH), golem (GNT), Manufacturer, manufacturer, manufacturer, OmiseGo (OMG), Ricaka Spagni, Rune Christensen, Osaka, Stability Fee, Stablecoin, USD

Jamie Redman

Jamie Redman is a financial journalist who lives in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about bitcoin, open source code and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols that are emerging today.

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