MakerDAO's Multi-Collateral DAI Token Is Launching Nov. 18

MakerDAO is launching a new version of its programmatic stablecoin DAI next month.

MakerDAO Foundation CEO Rune Christensen announced the Nov. 18 launch date at the Devcon ethereum developer conference in Osaka, Japan, on Wednesday.

Now, with MCD, users can stake virtually any other cryptocurrency as collateral in the MakerDAO system.

MakerDAO token holders need to vote on cryptocurrency assets and assessed by the MakerDAO Foundation's Risk Team before being accepted as collateral in the system.

The MakerDAO Foundation Risk Team is currently evaluating seven cryptocurrencies including prediction market Augur's REP token and digital advertising platform Brave's BAT token.

"The DAI Savings Rate is likely to be higher than the USDC rate but it will also fluctuate. It will depend on the supply and demand of the MakerDAO platform."

A lack of voter turnout to ratify decisions made by the MakerDAO community has resulted in delayed changes to the MakerDAO system.

Voting by MakerDAO token holders for ratifying MCD will begin three days in advance of Nov. 18, so MakerDAO Foundation can roll-out its newly updated user interface for borrowing MCD tokens.

Still, with a history of such deliberations lasting up to 11 days, this is no guarantee MakerDAO token holders will take action within three.

Christensen hinted at new governance processes for the MakerDAO system to further incentivize and streamline MakerDAO's voting, which to this point has mostly revolved around ratifying changes to the MakerDAO Stability Fee.