MakerDAO Adds USDT and PAX as Dai Collateral
MakerDAO added stablecoins USDT and PAX as collateral for Dai through an executive vote.
USDT is a US dollar stable currency launched by Tether. Users can exchange USDT by wire transfer of US dollars to the bank account provided by Tether.
PAX (Paxos Standard) is a compliant USD stablecoin issued by Paxos, which maintains 100% USD reserves. PAX is regulated by the US government, and account funds are audited monthly.
Executing voting records
Executing voting records
At the same time, the executive vote also raised the debt limit for borrowing Dai by collateralizing WBTC from US$80 million to US$120 million; increased the basic stable interest rate from -6% to -2%; and added Argent and MyCrypto wallets as Maker oracles to publicly feed prices square.
Debt ceiling: 10 million Dai
Debt ceiling: 10 million Dai
Interest on borrowing Dai: 6%
Liquidation mortgage rate: 150%
Initial generation of Dai minimum amount: 100 Dai
Liquidation Penalty: 13%
Minimum bid increase for collateral auctions: 3%
Auction duration for each batch of collateral: 6 hours
Collateral auction maximum duration: 6 hours
Liquidation Penalty: 13%
Learn about USDT 👉 tether.to
Debt ceiling: 5 million Dai
Debt ceiling: 5 million Dai
Interest on borrowing Dai: 2%
Liquidation mortgage rate: 120%
Initial generation of Dai minimum amount: 100 Dai
Liquidation Penalty: 13%
Minimum bid increase for collateral auctions: 3%
Auction duration for each batch of collateral: 6 hours
Collateral auction maximum duration: 6 hours
Liquidation Penalty: 13%
Learn about PAX 👉 paxos.com
The Maker protocol is highly flexible, and almost any tokenizable asset can be used as a candidate collateral, as long as it has the appropriate risk parameters and is approved by Maker's decentralized governance.
