As a result of an Executive Vote that ended today, MKR holders have accepted MANA (Decentraland) as a new collateral asset in the Maker Protocol. The token can now be used to open Maker Vaults in order to generate Dai.
Prior to the vote, the Maker community discussed the merits of adding MANA, as well as the appropriate risk parameters for the tokens (listed below), in the Maker Governance Forum.
MANA Risk Parameters
- Risk Premium: 12%
- Liquidation Ratio: 175%
- Debt Ceiling: 1 million
- Auction Lot Size: 500,000
- Minimum Bid Increment: 3%
- Bid Duration: 6 hours
- Max Auction Duration: 6 hours
- Liquidation Penalty: 13%
- Dust: 20 Dai
The flexibility of the Maker Protocol means that almost any kind of asset that can be tokenized can be added as collateral in the system, as long as it has appropriate risk parameters and is approved by Maker Governance.
Adding MANA to the list of collateral types is an exciting step. Users can now connect their wallets to Oasis Borrow and lock either type in a Maker Vault to generate Dai.