MakerDAO token holders vote to decide whether to reduce DAI's stabilization fee by 2%

MakerDAO token holders vote to decide whether to reduce DAI's stabilization fee by 2%

  

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.

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.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Is the change in the number of "bitcoins" searched for a price lag indicator or a leading indicator?

Foreword: People are interested in the clues of price changes. So, what is the relationship between the change in Goo...

Blockchain

"Sneaked" Assange's cryptographic life

On December 5, 2010, WikiLeaks angered the US authorities by leaking US diplomatic and telegraph incidents, and was s...

Blockchain

Tim Draper, a well-known venture capitalist: The epidemic will prompt people to switch to bitcoin, will stimulate the adoption of cryptocurrencies

"Tim Draper firmly believes that the" severe "blockade and printing of money initiated by governments ...

Blockchain

QKL123 Data Analysis | Bitcoin UTXO Age Distribution: Market Underground?

Abstract: The age distribution of Bitcoin UTXO hides the behavior of various market participants. The performance of ...

Blockchain

How does the financial model explain the price movement of Bitcoin after halving?

Bitcoin is halved every four years. At present, the miner's reward is 12.5 bitcoins, and the block reward obtain...

Blockchain

Within 26 days, the price of Bitcoin has doubled: What is the real reason behind the big rally?

Source: CointelegraphChina Editor's note: The original title was "Bitcoin soared 2 times in 26 days: What i...