The MakerDAO Governance has voted in favor of a proposal to add GnosisDAO (GNO) token as new collateral for the DAI stablecoin.
Details on the voting page show that participants in favor of the move voted with a combined total of almost 70,000 Maker (MKR) tokens. This amounted to a 77% approval rating for the proposal.
The positive outcome of the vote by the DAO does not mean GNO will immediately become collateral for DAI. Core Units will conduct risk, technical, and oracle assessments for GNO, per the proposal document. These assessments will be followed by two subsequent votes — one by MakerDAO delegates and another by MakerDAO executives. Only at the end of this process will GNO be included as collateral in the Maker Protocol.
According to the proposal, MakerDAO stands to benefit from adding GNO to DAI’s multi-collateral suite.
DAI is the main stablecoin on Gnosis chain — an EVM-compatible blockchain created by Gnosis. It is also used to pay transaction fees on the chain.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Osato is a reporter at The Block who likes to cover DeFi, NFTS, and tech-related stories. He has previously worked as a reporter for Cointelegraph. Based in Lagos, Nigeria, he enjoys crosswords, poker, and attempting to beat his Scrabble high score.