Chainlink, Loopring and Compound added as collateral options in MakerDAO

The MakerDAO community voted to add LINK, LRC and COMP as new collateral options for the issuance of the DAI stablecoin.

Loopring ($LRC) @loopringorg
Compound ($COMP) @compoundfinance
and Chainlink ($LINK) @chainlink are now available to use as collateral in Maker Vaults. pic.twitter.com/V8mmJiXwLS

— Maker (@MakerDAO) September 30, 2020

The proposals to add them first surfaced last summer, and this week the MakerDAO community approved the integration of these three tokens.

Originally, Ethereum was used to back DAI, but in November 2019 a new type of stablecoin was launched that supports a range of collateral types.

This year MakerDAO tallied a total of 11 collateral tokens. Alongside LINK, LRC and COMP, the list includes MANA, WBTC, ZRX, KNC, TUSD, PAX, USDC and USDT.

The most popular of them is USDC—the total value of funds locked in DAI vaults using this token stands at $372 million.

In a comment to CoinDesk, MakerDAO founder Rune Christensen said that adding new collateral types is the only way to influence the stability of the DAI peg.

Earlier, holders of Maker (MKR) refused to compensate the losses suffered by collateral holders in MakerDAO during the March market crash.

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