MakerDAO protocol is planning to integrate several tokens like Gemini USD, Binance USD, etc. as a collateral asset to create new DAI stablecoins.

To facilitate this process, the elected community members of Maker Domain Teams would initially, examine the tokens to check whether they comply with the protocol or not. 

If the tokens comply with the protocol then the community would decide whether they could be integrated as collateral assets or not.
<h2>Use Ethereum-based Tokens As Collaterals</h2>
The whitepaper published by the Maker stated that any of the Ehtereum-based digital assets could be used as collateral to create Dai.

Dai developed through Ethereum-based digital assets could either be used as any other cryptocurrency in the market or could be secured into a smart contract.

As per the report, a few weeks ago, the Governance Facilitators of Maker asked its users to <a href="https://vote.makerdao.com/polling-proposal/qmrstwrnbrufiffttmsbxqn9ermoeiqj2b43r7xs2jwmhp" target="_blank" rel="noopener">vote</a> whether tokens like Gemini USD and Binance USD should be integrated into Maker’s protocol or not.

Maker in its blog post has mentioned, “A yes vote would be taken as a signal to domain teams that MKR Token Holders have approved further domain work with the aim of adding GUSD (Gemini USD) as a collateral asset to the Maker Protocol.”
<h2>Maker Project Did Not Get Negative Voting</h2>
The voting organized by the open-source project ended on August 31 and the governance team found that a total of 20,207.58 MKR were put by 11 voters in favour of Gemini.

As the project did not get any negative votes, so it has cleared the first phase of getting approval from the community. 

The report has indicated that nine of the voters have put around 30,000 MKR for Binance USD. 

The voters have given their approval for the GUSD and BUSD, the rest of the tokens like TrueGBP, TrueCAD, Ren, etc. have got thumbs-ups from the community members. However, currently, it can not be said how much time the team will take to integrate these approved tokens to the protocol.
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MakerDAO Plans To Add Gemini USD And Binance USD As Collateral

MakerDAO protocol is planning to integrate several tokens like Gemini USD, Binance USD, etc. as a collateral asset to create new DAI stablecoins.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

MakerDAO Plans To Add Gemini USD And Binance USD As Collateral

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