At 12 o'clock on the evening of November 18th, Decentralized Loan Agreement Maker officially released Multi-asset Mortgage Dai (MCD), which also introduced the highly anticipated Dai Deposit Rate (DSR) while supporting ETH and BAT as the first mortgage assets. . After the MCD went online, the single mortgage Dai was renamed Sai and could be upgraded to multi-mortgage Dai; CDP (mortgage debt warehouse) was also renamed Vault (treasury).
According to DAppTotal.com DeFi special page data, as of 12 o'clock today, MakerDAO has added 1,969,742 multi-mortgage DAIs, including 1,703,722 pieces, which were converted from single mortgage DAI (SAI). At present, the total value of Maker's locks reaches 341 million US dollars, and there are 2.69 million BATs in the lock-in tokens, worth about 717,000 US dollars.
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Maker MCD will support the payment of a stabilization fee with Dai and cancel the past payment of the MakerDAO token MKR. However, in order to pay the stability fee, CDP is closed, many users need to buy MKR, resulting in short-term demand increase, and the low liquidity of MKR has promoted the rise of MKR to a certain extent. At the same time, as the rights and governance assets of MakerDAO, the increase in the ecological value of Maker brought by MCD also makes the price of MKR rise. Therefore, in the more than one month before the official release of MCD, the increase in short-term demand and good market expectations allowed MKR to rise from 433.50 USD on October 7 to 655.79 USD on November 18, an increase of 51.28%.
In the 12 hours after the official launch of MCD, MKR once rose 5%, hitting 683.59 US dollars, currently temporarily reported 663.27 US dollars. However, it should be noted that during this period, the cryptocurrency market generally declined, BTC fell by about 3%, and BCH and EOS plunged 4.4% and 5%. MKR's counter-rising rise undoubtedly reflects the optimistic mood of investors and the community on the MCD.
What new features does MCD bring online?
According to MakerDAO official introduction, in addition to ETH, MCD also supports the mortgage privacy browser BAT (Basic Attention Token). In July of this year, the Maker Foundation launched a community vote on collateral selection, adding the following collateral assets to the system's prioritization: Augur (REP), Brave (BAT), DigixDAO (DGD), Ethereum (ETH), Golem (GNT), OmiseGo (OMG), 0x (ZRX). Finally, in October, for the sake of asset quality and liquidity , the Maker Fund announced that the multi-mortgage Dai (MCD) temporarily only supports ETH and BAT.
In addition to the most obvious feature of the multi-collateral type, the Dai Savings Rate (DSR) is one of the most anticipated features of the multi-mortgage Dai. Multi-mortgage Dai supports any holder who locks Dai into the Dai Deposit Rate (DSR) Smart Contract to earn interest on the current deposit. In other words, DSR can be understood as Dai's demand deposit rate . In the future, in addition to the stability fee, Maker can also influence the price of Dai from the demand side by adjusting the DSR.
The initial value of DSR is 2%. However, in order to encourage users to convert their Sai (single mortgage Dai) into Dai, the Maker community may initiate a proposal to increase the DSR.
In addition, the launch of MCD will also increase Dai's debt ceiling. Dai's supply ceiling is based on the amount of collateral behind which can generate up to Dai. In the single mortgage phase, due to the high stability of ETH, the highest supply is two-thirds of the Ethereum market value, and the actual situation is far less than this figure. However, as MCD goes online, Dai's production cap will be determined by the total market value of the collateral supported and the number of Dais that can be generated under its risk parameters . The market value of Dai before the launch of MCD is about 100 million US dollars. After the launch, Dai's debt will be activated to 153 million, of which 100 million is reserved for Sai upgrade, 50 million is the upper limit of ETH debt for multi-collateralized Dai, and 3 million is BAT. The debt ceiling. In the future, as MCD supports more collateral, Dai's ceiling will continue to increase.
However, in September of this year, some members of the Maker community expressed their distrust of mortgage assets outside ETH on Reddit. Moreover, due to the volatility of ETH itself, the risk of a single mortgage system is relatively fragile, and the introduction of multiple collaterals may bring more risks. Of course, Maker has evaluated the CDP and Dai upgrade risk reports, ETH risk reports, and BAT risk reports before going live.