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Maker Governance Approves Kyber Network (KNC) and 0x (ZRX) A...
NEWS

Maker Governance Approves Kyber Network (KNC) and 0x (ZRX) As New Collateral Assets

“Both KNC and ZRX tokens went through rigorous risk assessment and risk parameters before been collateralized”

KNC (Kyber Network) and ZRX (0x) have become the latest members of the Maker family. MKR holders, through a community vote,approvedboth KNC and ZRX tokens to be the two new collateral assets that now allow the opening of Maker Vaults in a goal to create Dai tokens. The addition and advantages of these two new tokens as collateral assets went through extensive discussions among community members, before the executive vote on the official Maker forum.

The popularity of defi is soaring with each passing day, and many other tokens that cannot be collateralized are converting its value in ERC-20 tokens to gain access to defi, for example, the Wrapped Bitcoin, an ERC-20 token based on Bitcoin. Thus, the addition of new tokens would only expand the Maker ecosystem.

The addition of these two tokens would only help in progressing the already growing adoption of defi. It also proves that the defi ecosystem can put any asset as collateral as long they can become tokenized. The Maker governance comprising of members in possession of MKR governance token also plays a significant role in approving any particular token that can be collateralized.

 

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