• MakerDAO governance approves the addition of the GnosisDAO token as collateral for DAI

  • The MakerDAO Governance has approved a proposal to include the GnosisDAO (GNO) token as new collateral for the DAI stablecoin.

    According to the voting page, participants in support of the motion voted with a total of about 70,000 Maker (MKR) tokens. The idea received a 77% approval rating as a result of this.

    The affirmative outcome of the DAO vote does not automatically imply that GNO will become collateral for DAI. According to the bid paper, Core Units will conduct risk, technical, and oracle assessments for GNO. Following these assessments, there will be two following votes, one by MakerDAO delegates and one by MakerDAO executives. GNO will be incorporated as collateral in the Maker Protocol only at the completion of this process.

    According to the proposal, integrating GNO to DAI’s multi-collateral suite will help MakerDAO.

    DAI is the primary stablecoin on Gnosis chain, Gnosis’ EVM-compatible blockchain. It is also used to pay chain transaction fees.

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