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Home Blockchain

MakerDAO Has Minted Over $90 million DAI Backed By Real-World Assets

by Abimbola Adu
Aug 26, 2022 - 12:00 am
in Blockchain
MakerDAO Has Minted Over $90 million DAI Backed By Real-World Assets

A total of $90 million DAI has been minted from 7 real-world asset Maker Vaults. MakerDAO has been pushing to reach a global scale. Via a recent model, investors and institutions are allowed to deposit assets onto their platforms. Against those deposits, these institutions and investors would be able to borrow a specific amount of DAI.

The Maker Protocol has generated over 89 million DAI from real-world asset collateral.

What are these collaterals and what is the current status of the real-world asset development in Maker?

🧵

1/ pic.twitter.com/N1Nzj3ZQuZ

— Maker (@MakerDAO) August 24, 2022

Seven platforms on the collateral lists have generated over $90 million; this includes HVBank, NS-DROP, RWAOO1-A, FFT1-DROP, HTC-DROP, CF-DROP, and Societe Generale. The largest, with a total of $50 million DAI, was issued to the Huntingdon Valley Bank.

Decentralized digital currency backed up by real-world assets is an interesting phenomenon. The partnership has permitted the integration of collateral into a decentralized ecosystem, bridging the gap between the virtual crypto world and the real world. It attracts people who are more accustomed to traditional finance to the world of cryptocurrency web technologies.

Such a partnership is a win-win arrangement. For example, the HVBank gets to aid the growth of investments and businesses as it set out to do when it reaches out to the decentralized organization, and the organization generates yield in return. This partnership has been termed a gigantic step for DeFi.

The seven platforms have received DAI loans to continue their business. In turn, they have provided real-world assets as collateral. MakerDAO will also receive interest when loans are repaid to the platforms.

For example, in the partnership between MakerDAO and HVBank, as reported on Twitter, 50% of the interest on loans repaid will be received by MakerDAO.

Aside from the seven platforms mentioned above, Maker looks forward to more real-world asset collateral. However, one problem with these partnerships is their dependence on a centralized entity. Security has been raised as a concern.

Tags: DAIMakerDAO
Abimbola Adu

Abimbola Adu

Abimbola Adu is a crypto content writer with a background in English studies. She is keen on enlightening others about cryptocurrency and blockchains. She enjoys writing poems and spending time with family.

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