Last month MakerDAO announced that it will soon unveil another type of its Dai (DAI) stablecoin which will be backed by different kinds of collateral. Today, MakerDAO launches the new offering called the Multi-Collateral Dai (MCD).

Before now, the existing offering was restricted to the Single-Collateral Dai (SCD) which as the name suggests, is backed by only one kind of collateral – ETH. Maker will now change the SCD, giving it a new name – Sai (SAI). Based on last month’s announcement, it is expected that the Dai Savings Rate (DSR) which will allow DAI holders lock their assets in a smart contract so as to earn more, will also be launched. According to the new announcement:

“This is a highly anticipated evolution that aims to make DAI more stable while bringing in new assets to DeFi, strengthening the whole space.”

Members of the DAI community are not expected to take any actions at the moment. If there ever will be a need for anything on the holders’ part, an appropriate notice will be duly sent.

Maker has also noted that the company plans to completely discontinue the Sai sometime in the near future. Even though there has been no set date when the Sai will be completely relegated, the company has promised that all existing Sai will be easily converted to MCD through the Argent wallet.

Image Credits: Pixabay

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