MakerDAO will rebrand CDP in upcoming Multi-Collateral Dai release
October 31, 2019, 12:33PM EDT
1 min read
MakerDAO, the Dai stablecoin issuance platform, will be rebranding its Collateralized Debt Position (CDP) in preparation for its November 2019 Multi-Collateral Dai (MCD) release, according to a blog post by the Maker Foundation.
CDP is the system in which users deposit collateral assets to generate Dai. The new user interface of the Maker Protocol after the release of MCD will label CDPs as "Vault."
According to the Maker Foundation, it believes that the "collateralized" portion of CDPs confused users on what the product does. "We learned that some find the word 'collateralized' confusing because it makes them think of traditional financial products that have nothing to do with what a CDP offers," Maker Foundation's blog reads. "The Maker Vault in MCD is where a user deposits collateral and generates Dai. Importantly, each collateral asset deposited will have its own Vault."
Additionally, after the release of MCD, Dai generated via single collateral DAIs will be rebranded as Sai, with MCD-generated Dai taking on the original name.