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MakerDAO collateral assets: Binance and Gemini USD voted as potential Dai collateral assets


Binance USD (BUSD), and Gemini USD (GUSD) have passed what seems to be the first stage of being included as MakerDAO collateral assets. The community members voted to prioritize their inclusion on the protocol. If the stablecoins pass the final stage, then they can be exchanged by the community members to unlock Dai stablecoin. A few other tokens received a thumbs up too.

BUSD and GUSD voted as potential MakerDAO collateral assets

About 11 tokens, which included Binance and Gemini USD, were reportedly polled to the community members by Maker’s Governance Facilitators two weeks ago. This was to ascertain the next tokens that were worthy to be included in the protocol as potential MakerDAO collateral assets. 

According to the report, about 20,207.58 MKR was put up as a yes vote by 11 Maker community members to greenlight the inclusion of Gemini USD as MakerDAO collateral assets. The voting for Binance USD played well too, as almost 30,000 MKR was laid down as a yes vote by only nine voters. From the votes, GUSD and BUSD were the tokens mostly prioritized by the community amongst others.

The few other tokens that gain thumbs-ups include, Huobi Global BTC, TrueAUD, TrueGBP, New Silver DROP, TrueCAD, and more. 

Not too soon

Noteworthily, the development today doesn’t necessarily guarantee that Binance and Gemini USD will become MakerDAO collateral assets soon. In fact, all the tokens will still be analyzed to know if the protocol can support them. Afterward, the community members can then finally vote for them to be included or rejected. Nik Kunkel, the Head of Backend Services at MakerDAO added:

“Just because an asset has passed a greenlight does not necessarily indicate it will become a collateral type in the Maker Protocol,” Kunkel said. “Thorough review by the [elected] Domain Teams in areas such as risk, oracles, and smart contracts to ensure the protocol can handle them in a secure manner.”

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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