MyEtherWallet is About to Add the New Dai Collateral

MyEtherWallet (MEW) is adding new options. Its newest one includes multi collateral Dai, which is currently on a roll.

According to MyEtherWallet Twitter handle, Maker Dao has launched multi-collateral Dai. The tweet reads “MEW will begin providing support for migration to MCD starting Tuesday next week (November 26th).

In a corresponding Medium post, the company states that the original Dai token has a new name.

“The new Multi-Collateral Dai token will be known as Dai going forward. CDPs are also being renamed, and will now be referred to as Vaults. For complete information on terminology and functionality changes that are coming with MCD, head to MakerDAO’s blog,” the post reads.

Source: Medium.com

So what are the changes? Previously, the old Dai solely supported ETH as collateral. Now, new options will be available. The MKR voters, who constitute MakerDAO’s governance body, will decide which ones (find out more here).

According to the post, “Multi-Collateral Dai will become available on MEW on November 26th, a week from tomorrow. We will post detailed instructions for the migration process at that time.”

However, if you feel like you can’t wait any longer, then it’s possible to start the migration now. Thus, you can perform the migration of Collateralized Debt Positions via this link migrate.makerdao.com.

Overall it seems like Dai is securing the trust of multiple companies. Just recently, it emerged that Coinbase plans to upgrade from the current single-collateral Dai to the new multi-collateral Dai version. For instance, users may upgrade to multi-collateral Dai themselves with the separate Coinbase Wallet app.

Previously, Altcoin Buzz reported that MEW presented in-built burn addresses. The addition’s aim is to make user experience more private and anonymous.

Besides, last year MEW made an interesting revelation. The wallet disclosed that it neutralizes as many as 40 hacking attempts a week.

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