Dai is now available on Compound

The first addition to the protocol since launch

Thanks to the support and passion of the Compound community that participated in our stablecoin vote, the Dai stablecoin (DAI) has just been added to the Compound protocol, available through our dApp and partners.

• You can now earn interest on Dai, with full liquidity and the ability to withdraw your Dai at any time
• You can now use Dai as collateral to borrow ETH, ZRX, BAT, and REP
• You can now borrow Dai using ETH, ZRX, BAT, and REP as collateral

Protocol Changes

In order to support Dai, the Compound protocol oracle was upgraded to 0x02557a5E05DeFeFFD4cAe6D83eA3d173B272c904, which sources the price of Dai from the Maker price feed. Prior to release, the oracle contract was audited by Certora.

Taking the community’s feedback into account, Dai is the first Compound market to make use of an adjusted interest rate model, 0x0a97f822272519d5296e21de278A86CD3CE3c96A, which lowers borrowing costs for Dai, and ensures a minimum interest rate available to Dai holders.

Next Steps

Maker is planning to release Multi-Collateral Dai, which at first, will exist in parallel with the existing DAI token. In this scenario, Multi-Collateral Dai will be added to Compound, and after a reasonable amount of time (e.g. 30 days), the legacy Dai token will be suspended, which allow all Dai borrowing positions to be liquidated (repaid, in exchange for supplied collateral). Please be aware of this planned upgrade, and use your best judgement before interacting with the Dai market.

Thanks to the Maker team and community for their help supporting Dai. If you have any questions, join our Discord and say hello 📈