Thursday, October 6, 2022
HomeDeFiMakerDao governance backs to add GnosisDAO as collateral for DAI stablecoin

MakerDao governance backs to add GnosisDAO as collateral for DAI stablecoin

A proposal to include GnosisDAO’s (GNO) token as a new form of collateral for the DAI stablecoin received the backing of the MakerDAO Governance and received a positive vote.

According to the information provided on the voting website, those who are in favour of the motion cast their votes using a combined total of roughly 70,000 Maker (MKR) tokens. The idea received a rating of 77% approval as a result of this vote.

Even if the vote taken by the DAO was successful, this does not necessarily indicate that GNO will instantly become collateral for DAI. According to the proposal paper, Core Units will be responsible for conducting risk, technical, and oracle evaluations for GNO. After these evaluations, there will be two following votes: the first will be conducted by MakerDAO delegates, and the second will be conducted by MakerDAO executives. When all of these steps have been completed, and only then, can GNO be accepted as collateral in the Maker Protocol.

Collateral Application Template:

Collateral Application Template
Collateral Application Template

According to the proposal, the addition of GNO to the diverse portfolio of collateral supported by DAI would be beneficial to MakerDAO. On the Gnosis chain, which is an EVM-compatible blockchain that was developed by Gnosis, the primary stablecoin is called DAI. Additionally, it is used to pay the transaction fees that are associated with using the chain.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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