MakerDAO launched with only Ethereum as a collateral asset. It transitioned from a single-collateral Dai to multi-collateral Dai earlier this year. For any new token addition to the protocol, the decentralized governance body of MakerDAO conducts voting. The previous polls clearly suggest that MakerDAO is very picky and it doesn’t include any unstable asset to its protocol to create Dai. Will CRYPTO.COM make it?
? Our proposal for Collateral Onboarding with @MakerDAO was Greenlit, extending the utility of #CRO!
Thanks to everyone who voted in favor of our proposal!https://t.co/hk4h0PQ4hH pic.twitter.com/hiSXSeCv9q
— Crypto.com (@cryptocom) November 4, 2020
Since March 2020, MakerDAO added 10 assets to its protocol as collateral assets. Prior to that only ETH and BAT could be used to mint Dai. For the rest of the assets, the stability fee ranges between 2-12%, and the minimum collateral ratio ranges between 101%-175%.
These details about CRO inclusion are yet to unfold. This is because every asset that passes a greenlight does not ensure that it will become collateral asset. According to Nik Kunkel, MakerDAO Head of Backend Services, the domain teams will first conduct a deeper review of CRO. The areas like risk, oracles, and smart contracts will be reviewed to ensure the secure handling of Dai.
Will this save CRO?
Over the last 30 days, the CRO price has dropped by almost 47%. The unannounced maintenance and sudden revision of staking rates led to this sudden drop. However, we strongly believe if CRO makes it to the Maker protocol collateral asset list, it might trigger a positive CRO price action.
At the time of press, CRO is trading close to $0.078 and is up by 2.1% in the last 24 hours.
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