A vote on whether to reduce MakerDAO's "stability fee" based on the decentralized stable currency DAI of the Ethereum blockchain has begun. The results of the vote were announced on the organization's blog on May 17.
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If approved, the latest proposal will reduce the stabilization fee by 2% to 17.5% per year. According to the announcement, the need to reduce costs was discussed at the MakerDAO Governance Conference Call on May 16.
MakerDAO hopes to change the annual stability fee to stabilize the exchange rate between the currency DAI and the US dollar. Previously, the exchange rate of the token against the US dollar has been hovering above $1. The stabilizing fee is the fee charged by the Maker Participant at the time of the loan.
In March of this year, Maker has raised the stability fee twice, from 3.5% per year to 7.5% per year. In April this year, the fee increased by 4% to 11.5% in the fifth such vote this year. Earlier this month, further voting increased this percentage to 19.5%.
As Cointelegraph reported at the end of April, DAI has been trying to maintain stable rates. However, MakerDAO's president and chief operating officer claimed that the value of DAI had stabilized in early May.
Also at the end of April, MakerDAO's former chief technology officer Andy Milenius published an open letter dated April 3 explaining his concerns about the internal conflicts in the project.