MakerDAO Demos Tech to Back Stablecoin DAI With Any Crypto Asset

Borrowers of U.S. dollar-pegged stablecoin DAI will soon be able to be back their loans in any number of cryptocurrencies, at least if a new web portal is ultimately implemented.

On a weekly community call organized by the MakerDAO Foundation - the non-profit entity that funds the development of the programmatic lending software that issues DAI tokens - product coordinator Chris Bradbury walked users through what the new web page will look like and how the tool will function for users.

At present, over $300 million worth of the cryptocurrency ether is locked in smart contracts on ethereum to back DAI dollar valuation.

Landing page for new multi-collateral DAI web portal.

The implication of the demo then is that instead of users staking only ETH, they will soon be able to stake virtually any other token or coin that's approved by MakerDAO token holders.

This list of acceptable DAI collateral like other decisions impacting the wider MakerDAO lending protocol will move through a voting process in coming months before the mainnet launch of multi-collateral DAI, as stated in a MakerDAO Foundation blog post.

Now, work on a new web portal for users to loan out multi-collateral DAI is also underway.

This portal, like the one currently available for single-collateral DAI, will give users a simple interface to take out a DAI loan - also called a "Collateralized Debt Position" - from the MakerDAO system.

CDP dashboard for new multi-collateral DAI web portal.

Most notably, in the new CDP portal, any cryptocurrency wallet can be used to pay back loan debt.