The Maker Foundation’s CEO reveals that its Multi-Collateral Dai system will be ready to launch on November 18.
Rune Christensen, the CEO of the Maker Foundation, has revealed that the Multi-Collateral Dai (MCD) system will be ready to launch on Nov. 18.
Dai Savings Rate, new CDPs
MCD is a decentralized blockchain-based system designed to encompass Maker smart contracts, front-end apps, tools and services.
MakerDao’s announcement points out two core features of the Maker protocol that will be heralded by its planned November launch: first, the Dai Savings Rate (DSR) — an MCD feature that allows DAI (DAI) stablecoin holders to lock their tokens in a smart contract to earn additional ones — as in a savings account.
Second, the release will provide new collateral types for Collateralized Debt Positions — another smart contract integral to the Dai stablecoin system.
MakerDAO claims that the launch of the MCD represents a major milestone, paving the way for the Maker protocol integration on the backend of Decentralized Finance applications.
In addition to reviewing and voting on the terms of the DSR, MKR holders will also be provided with documents to analyze the risk parameters for the two first tokens to be evaluated by MakerDAO’s interim risk team: Basic Attention Token (BAT) and Ether (ETH).
HackerOne user found critical MCD bug ahead of release
As Cointelegraph reported on Oct. 3, a HackerOne user disclosed a report revealing a critical bug in the planned MCD release. It was identified during the testing phase and before any users gained access to the system.
The bug could have reportedly allowed an attacker to steal all of the collateral stored in the MCD system — possibly via a single transaction. In return for the critical finding, the user was awarded a $50,000 bounty from MakerDAO’s bounty program.