Update on Availability of Multi-Collateral Dai

On September 17 we will deploy the smart contract system to the Kovan Testnet, open source the code, release accompanying documentation, and make available the results from the formal verification of the Multi-Collateral Dai smart contracts. We invite the community to review and provide feedback on this critical step toward bringing Multi-Collateral Dai to market.

To provide the highest confidence that the contracts behave as expected, we are working with Runtime Verification to provide us with a formal and mathematically provable audit of the Multi-Collateral smart contracts. We believe MakerDAO will be the first production smart contract system that is formally verified in this manner.

Maker has always prioritized a “quality first” approach to determine when a product is ready to be launched. As we believe the Dai ecosystem has the potential to be the foundation of an entirely new crypto economy we recognize the enormous responsibility we have to our stakeholders, and the ecosystem in general, to get the details right.

Like you, we’re eager to see Multi-Collateral Dai go live. While it’s taking a little longer than expected to bring Multi-Collateral Dai to market, we stand by the decision to perform all possible diligence to ensure we create a solid platform with a great user experience that will endure for centuries, not years.

Our teams are moving full steam ahead in building out the application layer, UX, processes, and collateral partners required to deliver the complete implementation of the Dai Credit System, which we believe will be the catalyst for the next phase of the blockchain revolution.

Beginning next week, we’ll start sharing more specific details about what Multi-Collateral Dai will look like at launch, including a new feature that will significantly boost Dai liquidity and adoption while lowering borrowing costs for CDP owners over the long term.