Dai Stablecoin Hits 100M Debt Ceiling Ahead of Collateral Protocol Upgrade
Aaron Wood's original article for cointelegraph.com reduced by 52%
The Dai stablecoin has reached its 100 million token debt ceiling, meaning that there are currently 100 million Dai tokens minted. In July 2018, the Dai community voted to increase the debt ceiling to 100 million DAI by appointing a new authority - a one-time use smart contract - that would increase the limit. A change in Dai's collateral protocol and nomenclature is forthcoming Dai, which was created by MakerDAO, allows users to borrow or generate Dai by staking their cryptocurrency holdings as collateral.
Unlike other currency-backed stablecoins, Dai is not supported with bank accounts of reserve currencies but rather is generated by putting Ether into a collateralized debt position smart contract. Once a user repays the Dai loan at an interest rate per annum of 0.5%, they get their Ether deposit back. On Oct.
9, Rune Christensen, the CEO of the Maker Foundation announced that they would release a multi-collateral Dai later this month. The current Dai stablecoin, which is a single-collateral Dai, will become known as "Sai" when the MCD launches on Nov. 18.
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