MakerDAO adds MANA token as a new collateral type, MANA/USD bears take control after price shoots up - Cryptonic News

MakerDAO adds MANA token as a new collateral type, MANA/USD bears take control after price shoots up

  • MakerDAO has added Decentraland’s native token MANA as a new collateral type.
  • Customers can now use MANA for the generation of the stablecoin DAI.
  • MANA is Decentraland’s primary token.

The MakerDAO ecosystem has added MANA (the native token of the Decentraland marketplace) as a new collateral type after an executive vote among MKR token holders. According to an official blog post, customers can now use MANA to generate the stablecoin DAI.

MANA is Decentraland’s primary medium of exchange and is used to pay for things within the virtual world. In the last few months, MKR token holders have voted to add the stablecoin USDC and wBTC as collateral types. wBTC is an Ethereum-based token that is 1-to-1 backed by Bitcoin.

According to an earlier FXStreet report, MakerDAO became the first DeFi protocol to reach $1 billion in total locked value (TLV). The rise in interest in DeFi applications has driven the growth of the sector.

MANA/USD daily chart

MANA/USD daily chart

MANA/USD shot up from $0.04208 to $0.0487 this Wednesday. Since then, the bears have corrected the price to $0.046 over the next two days. MANA/USD has two strong resistance levels at $0.0482 and $0.047. On the downside, healthy support lies at $0.0432 (SMA 20) and $0.0416 (SMA 50).

MakerDAO adds MANA token as a new collateral type, MANA/USD bears take control after price shoots up MakerDAO adds MANA token as a new collateral type, MANA/USD bears take control after price shoots up Reviewed by Staff Reporter on July 31, 2020 Rating: 5

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