Happy Monday, Blockfolians
MakerDAO was formed with a vision of an algorithmic stablecoin, backed by a whole world of both digital and IRL assets that ensure stability. Last year, that vision became a little more real with the launch of Multi-Collateral DAI - allowing other digital assets to be used besides ETH.
A vote concluded today has taken that vision even further, demonstrating initial community support for a proposal that would allow the first real world assets to be used as collateral in the system.
The real world assets in question are tokenized trade invoices and music streaming royalties, spearheaded by a startup called Centrifuge.
MCD - to say nothing or real world collateral - isn’t universally agreed upon. Some worry that it introduces new complexity. But there’s no denying that this real world collateral is an exciting - if also scary - step on MakerDAO’s journey.
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Highly Relevant Reading
As DeFi gets ever more relevant, ConsenSys is launching a DeFi-compliance service
The Saudi central bank has turned to blockchain to inject significant liquidity into the country’s banking system
CoinMarketCap has come under scrutiny after its much-ballyhooed new ranking system put - you guessed it - new owner Binance right at the top
Lithuania joins the ranks of countries trialing a central bank digital currency (although people aren’t actually allowed to use this one)
A monster thread arguing that what we’re experiencing is actually the early stage of a currency failure
When Hertz is up 870% since it declared bankruptcy, it’s not hard to see how 2020 stocks feel like 2017 crypto
A Really Big Number We Should Be Paying Attention To
That’s the total amount available via a new startup grant program from Algorand
Ahhh, those were the days.