MakerDAO Adds Chainlink, Compound, Loopring as Collateral Options
Counting this new crop of collateral options, MakerDAO has added 11 new DAI vault pairs this year. The other tokens, MANA, WBTC, ZRX, KNC, TUSD, PAX, USDC and USDT, were added partly in response to DAI losing its $1 peg, as the extra collateral was meant incentivize collateralizing more DAI to drive its price down.
In a recent bid to rectify DAI’s peg instability during DeFi’s yield farming craze, the Maker community voted in a proposal to lower the collateralization requirements for DAI’s primary USDC vault to pump more DAI into the market. Speaking to CoinDesk about proposals to keep DAI’s peg steady, MakerDAO founder Rune Christensen said there is “no other option but to onboard more collateral.”