Maker Launches Multi-Collateral Dai (DAI), Adds Borrowing and Saving to Oasis


Maker (MKR) released its much-anticipated, multi-collateral Dai (DAI) stablecoin earlier today at 11:00 AM EST, with Ethereum (ETH) and Basic Attention Token (BAT) as collateral options.

Users can now convert their single-collateral Dai (now called “Sai”) to multi-collateral Dai using the Migration Portal. Collateralized Debt Position holders can also upgrade their CDPs to Maker Vaults, the new name for the multi-collateral version.

New Maker Terminology
New Terminology (Maker)

According to the announcement, Maker is also currently evaluating Augur (REP) as a potential addition to MCD. Ultimately, almost any tokenized asset that has appropriate risk parameters could be made available as a collateral option in the future.

“I’ve been imagining this moment for five years,” said Maker Foundation CEO Rune Christensen. “It’s incredible. [Multi-Collateral Dai] can improve the lives of so many people, from the unbanked individuals living in regions like Nigeria to the underbanked in the United States.”

Oasis Trade, Borrow and Save

Accompanying the launch of MCD, Maker unveiled more information on the new additions to its all-in-one DeFi hub, Oasis.

An example Ethereum Vault on Oasis Borrow (Maker)

According to the announcement, Maker will be adding borrowing and saving to Oasis, which already offers Oasis Trade, a decentralized marketplace.

Oasis Borrow is a new interface that allows users to secure their collateral assets (ETH and BAT at launch) in Vaults to generate Dai. Each collateral asset deposited will have its own Vault. This functionality will not be available to holders of single-collateral Dai (Sai).

Oasis Save, on the other hand, gives users access to the Dai Savings Rate contract, allowing them to deposit DAI and earn interest. This interface is essentially an interest-bearing account that pays out interest based on the Dai Savings Rate.

Users can now deposit and withdraw DAI into the DSR contract on Oasis Save (Maker)

“Navigating the Oasis interfaces will be simple,” adds the Maker team. “Users will be able to easily switch between Trade, Borrow, and Save, while also using the deeper navigation for Borrow to view one’s Vaults and their current collateralization ratios.”

More: Introducing Oasis Borrow and Save

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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