MakerDAO Announces Multi-Collateral Dai Will Launch November 18

The founder of MakerDAO, Rune Christensen, has revealed multi-collateral Dai is launching next month, on November 18.

The developers behind the project have been planning to expand the Dai stablecoin beyond the Ethereum blockchain since the project was first launched in 2015. Maker’s MKR token holders already suspected the move was coming as they were asked to vote on tokens to add as collateral earlier this year.

Christensen’s announcement came at the DevCon 5 conference in Osaka, Japan, where he further revealed new features are set to come to decentralized finance ecosystem thanks to multi-.collateral Dai (MCD). These include the Dai Savings Rate (DSR), which will allow users to earn interest on their Dai holdings.

The announcement reads:

The launch of MCD will mark a huge milestone reached for the MakerDAO project—a turning point that will have a strong impact on the future of Decentralized Finance. The DSR will not only allow users to earn on Dai held, but will also immediately create an entirely new dimension for innovative Maker protocol integration on the backend of DeFi dapps.

MKR token holders will reportedly be able to soon review and vote on the DSR’s terms. This announcement is seen as bullish by some community members and MCD will mean increased liquidity for Dai and the decentralized finance ecosystem.

Featured image via Pixabay.

Ethereum Was Behind 85% of Dapps' $12 Billion Volume in Q2 2020

The total transaction volumes of decentralized applications (dapps) in the cryptocurrency space hit $12 billion in the second quarter of this year, rising by $4.5 billion compared to the first quarter. Etheruem dapps accounted for 85% of the volume.

According to DappRadar’s Industry Review report, there are more than 70,000 active wallets across 13 different blockchains interacting with the cryptocurrency space. The top blockchains were EOS, TRON, and Ethereum, with the latter representing $10.2 billion of the $12 billion volume seen in Q2.

Ethereum’s large transaction volume was partly fuelled by Compound and the launch of the COMP token, which led to a “yield farming” trend, in which users were interacting with the protocol as much as possible to receive COMP tokens. Compound saw $1.2 billion move through it.

The yield farming trend saw Ethereum gas prices and transaction fees increase, which according to the report did not stop Ethereum dapps from thriving in general. It did, however, contribute to an 80% drop quarter-on-quarter for ETH gaming dapps, as high gas prices are “killing” their activities on the cryptocurrency’s network.

Despite Ethereum’s growth, EOS and TRON (TRX) dapps have also seen their activity increase in the second quarter of the year. According to the report in only three months, TRON’s transaction volumes on decentralized applications surged by over 17,200%.

The rise was largely attributed to Oikos.cash, a TRON-based version of the Compound lending protocol.  While TRON’s DeFi growth has been notably, DappRadar pointed out that most dapps on its blockchain are still in the “gambling” and “high risk” categories.

The EOS blockchain has still been enduring the effects of the EIDOS token airdrop, which put the network into “congestion mode.” The airdrop clogged the network and as a result, from 2019 to 2020 wallet activity on decentralized applications dropped 53%.

So far this year, $1.9 billion have been transacted on decentralized applications using the EOS blockchain, thanks to two dapps: Crypto Dynasty and Upland. DappRadar’s report also shows that two other blockchains are growing thanks to gambling dapps: WAX and ThunderCore.

Featured image via Pixabay.