Andreessen Horowitz votes in favor of Multi-Collateral DAI - AMBCrypto
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Andreessen Horowitz votes in favor of Multi-Collateral DAI

Sahana Kiran

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Source: Unsplash

Last month, the Maker Foundation announced the launch of a Multi-Collateral Dai [MCD], a launch scheduled to take place on 18 November. Just last week, the Foundation revealed that the votes ratifying the collection of system parameters that were required to activate Multi-Collateral Dai were in. Holders of the Maker token [MKR] went on to vote for the same, with prominent venture capital firm Andreessen Horowitz being one of the voters.

As per the announcement, the venture capital firm revealed that it had voted in favor of migration from Single-Collateral Dai [SAI] to Multi-Collateral Dai. MakerDAO intends to add new collaterals to DAI, other than just Ethereum, so that it could be collateralized by a stable basket of assets. The firm highlighted the participation of token holders in the form of votes, while stating that new additions into the network would contribute to the growth of the Maker ecosystem.

Andreessen Horowitz went on to express its thoughts on the latest development. The post read,

“We will be following the migration closely and are prepared to vote on changes to system parameters to facilitate it. And we’re excited to be part of building a more accessible, inclusive, and stable global financial system.”

MakerDAO’s Maker [MKR] token holders cast their votes for the migration through Anchorage, which allowed token holders to vote without having to take their tokens out of cold storage. Previously, Coinbase Custody had announced support for Maker Governance by enabling a voting solution for its clients, directly from their custody accounts.

Several prominent exchanges including, Kraken, DeversiFi, Crypto.com, and Coinbase have announced support for the transition of single-collateral DAI to multi-collateral DAI. The exchanges have announced that users would have to continue trading SAI until the listing of the multi-collateral DAI on 2 December 2019. Soon after the same, SAI would no longer be available on the exchanges for trading.

While the community awaits the launch of the multi-collateral DAI, the price of the Maker token [MKR] was seen surging by 4.13% over the past 24 hours. Furthermore, as per a chart tweeted by Skew markets, the price of the Maker token recorded a spike and was trading at $660.67, at the time of writing.

Source – Skew Markets

Sahana is a full-time journalist at AMBCrypto covering the US market. A graduate in Political Science and Economics, she writes mainly about regulations and its impact.