The MakerDAO community has voted to add support for a trio of new tokens for the decentralized finance (DeFi) loans that generate DAI stablecoins.
Vaults are now open for deposits of Chainlinkâs LINK, Loopringâs LRC and Compoundâs COMP. Community members pitched proposals to add the tokens this summer and voted for their integration via Makerâs on-chain governance platform this week.
Counting this new crop of collateral options, MakerDAO has added 11 new DAI vault pairs this year. The other tokens, MANA, WBTC, ZRX, KNC, TUSD, PAX, USDC and USDT, were added partly in response to DAI losing its $1 peg, as the extra collateral was meant incentivize collateralizing more DAI to drive its price down.
In a recent bid to rectify DAIâs peg instability during DeFiâs yield farming craze, the Maker community voted in a proposal to lower the collateralization requirements for DAIâs primary USDC vault to pump more DAI into the market. Since the proposalâs implementation, DAIâs price has dropped to $1.01.
Read more: âNo Other Option but More Collateralâ: The Short- (and Long-) Term Fixes for Daiâs Broken Peg
Speaking to CoinDesk about proposals to keep DAIâs peg steady, MakerDAO founder Rune Christensen said there is âno other option but to onboard more collateral.â
Currently, USDC is the most popular collateralization option for DAI with 372 million USDC locked.Â