The exciting potential of MakerDao is not unknown. Recently Ether Capital made a move that shows a lot of trust in MakerDao project. It has made an investment of 1 Million U.S Dollars in the Maker cryptocurrency (MKR). Ether Capital is a technology company based in Toronto that offers access and exposure to the ETH and Web 3 ecosystem for the public market investors.
The prominence of MKR has gone stronger after it recently registered substantial gains. In CDP- Collateralized Debt position around 2 Million U.S. Dollars worth of Ethereum has been stored. Further, proposals were running in the MakerDao community for increasing the stability fee in order to control the 1 USD Dai. On this, the CEO of Ether Capital- Brian Mosoff said-
“As one of the most respected projects in Ethereum, Maker represents a key piece of infrastructure that we expect will drive mainstream growth and adoption. Maker and Dai fit perfectly within our Web 3 thesis and have achieved substantial developer mindshare within the ecosystem. The success of Maker and Dai is not only a testament to the innovation happening within the Ethereum community but also to the flexibility and utility of the Ethereum platform itself.”
Early this month, the governance poll by the company has sought feedback from the users on the stability fee. It has asked the users whether to say yes to the increase in the fee for up to 5.5 percent. The users have approved this raise in fee. Another governance poll will run from 18th March till 21st March that seeks to increase this figure. In the blog post, Maker said-
“Based on last week’s governance call, the MakerDAO community is moving forward with a Governance Poll to gauge sentiment for an additional Stability Fee increase.”
Since Maker is the decentralized credit base which is created on ETH blockchain, it supports in the creation of stable coin. This year the company plans to come up with a new version of the platform. The aim is to push the boundaries beyond ETH. This will be achieved on the credit system by allowing multiple collateral types. Here is an excerpt from the official announcement from Ether Capital-
“[…] So what is the roadmap for Maker? In 2019, Maker plans to deploy a new version of the platform that allows multiple collateral types beyond ETH to be used in its credit system. This promises to potentially bring additional scalability to Dai issuance and ultimately set the stage for multi-billions of dollars worth of collateral to enter the Maker system. Finally, it is important to note that Dai is decentralized. You may have heard of fiat-backed stable coins recently. These are crypto-tokens that draw their value and stability through US dollars that are held in a bank account controlled by the issuer. The problem with fiat backed stable coins is that they are subject to censorship and redemption risk that limit their utility. Dai is much more transparent, neutral and decentralized, which we believe is a foundational part of any Web 3 vision.”
The founder of Maker- Rune Christensen said-
“We are delighted that Ether Capital has participated in the MKR private sale. Ether Capital has shown a long term commitment to the Ethereum ecosystem, and we look forward to their participation in Maker governance,”
There is special attention given to the security policies. Ether Capital uses a multi-signature wallet security system to hold MKR tokens. There are plans to hold these coins on a long term basis. These coins were bought from Maker Foundation for 7,374 Ether for 2,300 MKR tokens.