MakerDAO Governance Agrees To Propose To Add 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 website, 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 undertake risk, technical, and oracle evaluations for GNO.

Following these evaluations, 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 procedure.

According to the proposal, integrating GNO into DAI’s multi-collateral suite will help MakerDAO. DAI is the primary stablecoin on the Gnosis chain, Gnosis’ EVM-compatible blockchain. It is also used to pay chain transaction fees.

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