• On Monday, 18 November at 0400 H UTC Maker Dao starts transition to Multi Collateral Dai (MCD).
  • MKR/USD rises 5% in a day as the market breaks from sustained indifference.

MakerDAO Gets a Major Upgrade

On November 15, Maker Dao community experienced one of its biggest decision rounds so far as they voted towards changing its system from single collateral Dai to multi collateral Dai (MCD). At the start of the voting period, the price of MKR sustained an uptrend growing 5% in a day before bears set in.

According to a blog post released on the official platform of the Maker Project, Multi Collateral Dai will provide a gateway for extra collateral and introduce a number of necessary system mechanism design modifications such as the highly anticipated Dai Saving Rate. The Maker Governance Council and Maker Foundation started the process to switch SCD to MCD started earlier in the month, and today marks the actual launch of the migration portal.

MCD launch
Multi Collateral Dai (MCD) voting successful (Image: Maker)

Since launch, the Mainnet has had a welcome reception from the crypto community. Barely two hours after the completion of the voting phase, verified contracts started appearing on Etherscan showing the communities’ interest in MCD.

An update to upgrade timelines shows single collateral Dai holders will be upgraded to MCD in the Migration portal. A number of crypto exchanges have already confirmed the switch to MCD including Wyre, Bitcoin Suisse, Bittrex, Kyber, Bamboo Relay, Bitfinex, DeversiFi, Coindirect, and dYdX.

Recently Coinbase, and Kraken also announced their support to trade the token.

MKR/USD surges 5% in past 24 hours

During the past 24 hours, the price of MKR soared as investors welcomed the launch of the MCD migration. Rising 4.67% during the day, MKR is trading at $659 USD across major exchanges as at time of writing. This set the coin top in returns amongst the top 30 coins, ranking 21st on Coinmarketcap, with a total capitalization of $658,395,974 USD.

Source: CMC

The Dai-lending decentralized finance (DeFi) application remains the top DeFi app and the latest developments with MCD is expected to push the company’s dominance further upwards from the current 69.78%. A total of $347.7 million USD is locked in Maker Dao as of Nov 18.

The post Maker [MKR] Surges 5% in 24 Hours as Migration to Multi Collateral Dai (MCD) Begins appeared first on Coingape.

Source: Coin Gape