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.


Chris Munch

Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.