MakerDAO launches Multi-Collateral Dai as MKR holds steady

The move is going to bring a wide range of new features to the Maker protocol, including Dai Savings Rate and additional collateral asset types.

Collateralized Debt Position was renamed Vault while Dai was replaced with Sai, and MCD-generated Dai was named Dai.

Now, anyone can upgrade their Sai to Dai using the Migration app developed by the firm.

Have offered to make the upgrade from Sai to Dai automatically.

MCD brings with it the much-anticipated Dai Savings Rate mechanism.

This allows Dai holders to lock up their tokens in a smart contract and earn additional Dai in the meantime.

The move to back Dai with "Illiquid shitcoins."

"Imagine you're not going through life constantly reading crypto twitter and smart contracts. You believe DAI is a stablecoin backed by ETH. You go to an exchange to buy some. Oops! Here's a -backed shitcoin instead.".

Even Reuters ran a story dedicated to how Dai is planning to "Change the stablecoin game." However, there are those who believe that the move to back Dai with a number of cryptocurrencies that present high levels of illiquidity.

As there are different sentiments about the Multi-Collateral Dai, MKR could be preparing to make a significant price move soon.