MANA, The Virtual World’s Native Currency Added As a New Collateral Type To The MakerDAO Ecosystem

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Decentralized Stablecoin DAI May Now Be Generated With MANA Token as A Collateral Type

The decentralized stablecoin DAI may now be generated with mana token as a collateral type.

DAI may now be generated using MANA as a collateral type, as outlined in a blog post from July 28.  The discussion around adding MANA started back in May.

MakerDAO is the platform for decentralized credit and stable currencies. The world’s 1st decentralized stablecoin, DAI provides stability without sacrificing flexibility.

MANA, the virtual world’s native currency, has been added as a new collateral type to the MakerDAO ecosystem by a vote of the MKR token holders.

The stablecoin DAI may now be generated using MANA, as outlined in a blog post from July 28. Discussions regarding the addition of MANA started back in May. 

The virtual world’s primary medium of exchange is MANA, one of two tokens tied to the project, and it’s used to pay for things within Decentraland.

MakerDAO announced in its voting portal that the proposal was passed at 7:30 UTC on July 28. The stablecoin USDC and Ethereum-based wBTC, which is 1-to-1 backed by bitcoin, have been added as collateral types recently.

Making headlines earlier this week was MakerDAO’s first $1 billion in locked value non-custodial lending protocol. Growth was fueled by an increase in interest in DeFi applications. According to DeFi Pulse, which tracks popular protocols, that figure is now $1.13 billion, up nearly 10% on a day-to-day basis.

Initially published here.

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