Polkadot sets out to make cross-blockchain computation a reality, a feat many projects have sought to accomplish but few have achieved. Maker DAO definitely earns it position as one of the top DeFi projects. This exciting proposal if accepted would be a major development for the space as a whole. Just 4 days ago, it was reported that Maker DAO is voting on whether or not to extend the collateral that they currently accept for loans to real-world assets, and not just cryptocurrencies.
#TOP DEFI COINS 2020 FULL#
The three key elements of self-sustaining DAO which are the technical, human, and procedural elements will enable the community to administer a full decentralized marker protocol taking care of every sphere of DAO. The Maker Foundation is directing its efforts to prepare the voting community to govern the Maker protocol after decentralization. Its governance and automation system leverages Ethereum smart contracts to perform lending and stabilization functions without a central identity. What sets MakerDao apart from other projects is the manner they operate and are governed. It makes use of a collateralized debt position to create a stable coin DAI with its value pegged against the dollar.
To date they have 2.3M ETH locked in their protocol. MakerDao is the most widely used and longest-running project in Ethereum’s decentralized ecosystem. It is a decentralized lending facility leveraging Ethereum smart contracts to automate the functioning of a lending platform. But since then, it has emerged as one of the most successful and widely used DeFi projects on the enormous Ethereum blockchain. MakerDao, was once upon a time a minuscule project on a new blockchain.
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