A new vote requested by the MakerDAO team for the addition of new collateral for the DAI stablecoin was concluded yesterday and, as a result, it was decided that it will also be possible to use Decentraland (MANA) as collateral.
📈The ETH Debt Ceiling has been raised to 260M
🌐MANA (@decentraland) has been added as collateral to the Maker Protocol:https://t.co/fPGWS4qksF
— Maker (@MakerDAO) July 28, 2020
The vote that ended yesterday not only included the decision to add this asset as collateral, but also other improvements including an increase in the debt ceiling for ETH to 260 million.
These are all the new features introduced:
- Move MIP16: The Weekly Governance Cycle to Accepted status.
- Move MIP18: Meta-Parameter Adjustments to Accepted status.
- Move MIP19: Liquidations System 1.1 Upgrade to Accepted status
- Implement changes to the Maker Protocol contracts as detailed in MIP19.
- Move MIP18c4-SP1: Subproposal for Modifying Meta-Parameter Adjustments to Accepted status
- Modify MIP18 according to the content of MIP18c4-SP1.
- Move MIP12c2-SP3: Domain Work Requirements for the Onboarding of MANA to Accepted status.
- Add MANA to the Maker Protocol with the risk parameters attached to MIP12c2-SP3.
- Raise the ETH-A Debt Ceiling from 220 to 260 million.
MANA, the new collateral of MakerDAO
It is worth recalling that Decentraland (MANA) is used within a platform built on the Ethereum blockchain to create and monetize its own content, but also to buy land (ERC721 token) on which to build virtual buildings.
Now, thanks to the voting of MakerDAO, it will be possible to use this token to create the DAI stablecoin.
These are the risk parameters that have been determined for this collateral:
- Premium risk: 12%
- Debt ceiling: 1,000,000,000
- Liquidation: 175%
- Auction lot size: 500,000
- Minimum supply increase: 3%
- Duration of the offer: 6 hours
- Maximum duration of the auction: 6 hours
- Liquidation penalty: 13%.
- Dust: 20 Dai
Maker is gradually growing and expanding its collateral offering, resulting in not only being more open to different tokens, but also to encourage the use of this decentralized stablecoin, rather than other centralized ones.
There are now 7 tokens available to be used as collateral: ETH, BAT, USDC, wBTC, KNC, ZRX and MANA.
This positive news comes after the other recent announcement for Decentraland, which has partnered with Samsung to use their marketplace.
The news is also positively appreciated with regard to the value of the token, which is registering a substantial +7%.