MakerDAO, the Ethereum-based protocol behind the popular DAI stablecoin, has announced an impressive milestone.
According to the project’s latest update, the total collateralization of the MakerDAO system now stands at a whopping 154%, backed by a staggering $8.26 billion worth of collateral. This is great news for users and investors alike, as it means that the DAI stablecoin remains stable and reliable, even in the face of market volatility.
Furthermore, the update notes that no liquidations have been triggered during the last week, indicating that the system is working flawlessly as expected. Maker Protocol’s code is law for DAI stability, and this latest news is a testament to the resilience and robustness of the MakerDAO platform.
In addition to the impressive numbers, the update also highlights the success of the PSM (Peg Stability Module), which is currently working smoothly at 100% collateralization. The PSM’s code is law for DAI stability, and its reserves currently stand at $3.15 billion, backing 3.15 billion DAI.
While MakerDAO is undoubtedly proud of its achievements, the project’s founder, Rune Christensen, is already looking to the future.
During a recent call with community members, Christensen suggested that the DAI stablecoin could be due for a rebranding to make it more understandable for “normal people.” He argued that the current branding is inhibiting the coin’s growth potential and that a new name incorporating “USD” would be more appealing to a broader audience.
However, Christensen also noted that the pegging of DAI to the dollar is not guaranteed, so any new branding should be careful not to make false promises. Regardless, the MakerDAO project is continuing to grow and evolve, and its latest update is proof that it remains a leading force in the world of decentralized finance.
