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MakerDAO Adds LINK, COMP, and LRC as Digital Asset Collateral

MakerDAO, the Ethereum-based decentralized lending protocol, has included Loopring, Chainlink, and Compound to its portfolio as new supported asset types. The company announced the same on its Twitter handle on September 30th, 2020. The company further added that these can be used to open a virtual vault on the Ethereum network as these are the key protocols for producing DAI stablecoin.

Collateral Types On MakerDAO

The MakerDAO community has voted to add the support for the three new tokens on its DeFI loans network to generates the DAI sub cons. The users can now use the vaults to deposit LINK, LRC, and COMP tokens. The proposal to add the tokens was pitched this summer, and the integration of the same through the MakerDAO on-chain governance platform was passed by voters this week.  Now MANA, WBTC, ZRX, KNC, TUSD, PAX, USDC, USDT, LRC, COMP, and LINK are eleven tokens available on the Maker platform.

OnChain Governance Protocol

Maker is a token for governance protocol that allows the holders to approve any new collateral type assets. MakerDAO users were earlier only allowed to borrow DAI using their ETH tokens; however, the project soon launched a multi collateral version of its Stablecoin in November 2019. Currently, Maker has eleven collateral types added to it with the above mentioned new additions.  MakerDAO foundation risk team validates and approves every new asset before it is released for voting on the platform.

 As per the reports, the MakerDAO launched in 2015 is making waves in the market with its multiple DeFI projects; Ethereum and Compound have considerably defeated Maker DAO in June this year. The DeFI projects are making a mark in the market, attracting immense attention of the crypto enthusiasts; Maker has also strengthened its stake slowly with reaching close to 2 Billion USD locked value.

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