• Latest
MakerDAO Votes to Decrease Stablecoin Fees for First Time in 5 Months

MakerDAO Votes to Decrease Stablecoin Fees for First Time in 5 Months

May 16, 2019
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Tech

MakerDAO Votes to Decrease Stablecoin Fees for First Time in 5 Months

coinnewsdaily by coinnewsdaily
May 16, 2019
in Tech
0
MakerDAO Votes to Decrease Stablecoin Fees for First Time in 5 Months
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022

For the first time in five months, token holders behind the programmatic loan system MakerDAO have voted to decrease fees on all DAI loans.

DAI is a dollar-pegged stablecoin operating on the ethereum blockchain that is currently backed in value by nearly 2 million ether tokens. Since the beginning of this year, the value of DAI has fallen below $1 as a result of market supply and demand imbalances. In an effort to contract the DAI supply with the goal of raising its trading price, MakerDAO token holders have incrementally increased fees on the MakerDAO system issuing new DAI tokens.

Called the Stability Fee, interest accrues over time on all DAI loans taken out from the MakerDAO system. Over the course of five months, the Stability Fee has increased 39 fold from 0.5 percent to 19.5 percent, sparking outrage from some early borrowers in the MakerDAO system.

Since the most recent increase of 3 percent executed two weeks ago, DAI prices across major cryptocurrency exchanges and over-the-counter trading desks now looks to have pushed past dollar valuation trading as high as $1.06.

Source: https://dai.stablecoin.science 

Today’s vote marks the second time in MakerDAO’s history where token holders have voted for a two percent decrease to the Stability Fee in order to address high DAI demand.

Tomorrow, voters will again stake their tokens to execute the decrease into the MakerDAO system in a continuous polling round where a minimum of 35,221 MKR tokens must be staked in support of this proposal.

Turnout concerns

Regarding today’s preliminary round of voting, MakerDAO head of community development Richard Brown expressed during a governance risk call today his discomfort at the lack of voter turnout.

According to Brown, only two MakerDAO token holders voted for the 2 percent decrease collectively staking 54,000 MKR tokens.

What’s more, one MakerDAO token holder appeared to “troll” the system by staking 17,000 MKR in favor of further increasing the Stability Fee by another 4 percent despite the clear overvaluation of DAI in the markets.

“We desperately need people to lock up their Maker [tokens],” insisted Brown on today’s call. “It doesn’t take a lot for another voter to come out and outweighs the on 17K Maker troll that was trying to raise the Stability Fee by 4 percent.”

Brown added:

“If you’re a person who think your vote doesn’t matter in the system that’s a self-fulfilling prophecy…If community members believe the system should head in direction ‘x’ then the community needs to self-organize for ‘x’.”

Penny image via Shutterstock 

Credit: Source link

Tags: Crypto Tech
Share76Tweet48
Previous Post

Ripio Is Launching a Crypto Exchange for 3 Latin American Nations

Next Post

SEC Negotiations Have Cost Kik $5 Million, Says CEO

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building
Bitcoin

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
green gaming
Business

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
axie infinity: what are the minimum android phone requirements to play on mobile
Alt Coin

Axie Infinity: What Are the Minimum Android Phone Requirements to Play on Mobile

April 21, 2022
Load More
Next Post
SEC Negotiations Have Cost Kik $5 Million, Says CEO

SEC Negotiations Have Cost Kik $5 Million, Says CEO

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$22,857.00-3.96%
  • ethereumEthereum(ETH)$1,568.20-4.86%
  • tetherTether(USDT)$1.00-0.06%
  • binancecoinBNB(BNB)$306.99-3.48%
  • rippleXRP(XRP)$0.395100-5.02%
  • cardanoCardano(ADA)$0.373019-6.39%
  • dogecoinDogecoin(DOGE)$0.089142-1.55%
  • matic-networkPolygon(MATIC)$1.09-7.68%
  • okbOKB(OKB)$37.37-5.91%
  • solanaSolana(SOL)$23.94-8.55%
  • polkadotPolkadot(DOT)$6.19-6.79%
  • shiba-inuShiba Inu(SHIB)$0.000012-4.98%
  • litecoinLitecoin(LTC)$91.57-3.50%
  • tronTRON(TRX)$0.062311-2.58%
  • daiDai(DAI)$1.000.03%
  • cosmosCosmos Hub(ATOM)$13.09-5.67%
  • chainlinkChainlink(LINK)$6.92-6.58%
  • leo-tokenLEO Token(LEO)$3.59-2.91%
  • moneroMonero(XMR)$176.01-5.66%
  • ethereum-classicEthereum Classic(ETC)$21.38-8.57%
  • bitcoin-cashBitcoin Cash(BCH)$130.55-4.54%
  • stellarStellar(XLM)$0.089940-5.02%
  • crypto-com-chainCronos(CRO)$0.077879-5.79%
  • filecoinFilecoin(FIL)$5.11-6.80%
  • algorandAlgorand(ALGO)$0.240439-8.47%
  • vechainVeChain(VET)$0.023260-5.63%
  • internet-computerInternet Computer(ICP)$5.77-7.51%
  • aaveAave(AAVE)$81.16-7.59%
  • eosEOS(EOS)$1.05-6.33%
  • elrond-erd-2MultiversX(EGLD)$42.17-7.10%
  • theta-tokenTheta Network(THETA)$1.02-8.99%
  • tezosTezos(XTZ)$1.06-8.88%
  • paxos-standardPax Dollar(USDP)$1.000.50%
  • huobi-tokenHuobi(HT)$5.08-1.43%
  • bitcoin-cash-svBitcoin SV(BSV)$42.47-4.33%
  • havvenSynthetix Network(SNX)$2.29-8.39%
  • dashDash(DASH)$59.444.43%
  • pancakeswap-tokenPancakeSwap(CAKE)$3.98-3.51%
  • iotaIOTA(MIOTA)$0.224782-7.13%
  • zcashZcash(ZEC)$44.50-5.97%
  • makerMaker(MKR)$635.08-6.11%
  • neoNEO(NEO)$8.03-4.71%
  • zilliqaZilliqa(ZIL)$0.026833-9.73%
  • basic-attention-tokenBasic Attention(BAT)$0.247223-9.95%
  • compound-governance-tokenCompound(COMP)$51.69-8.28%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • nemNEM(XEM)$0.036740-8.24%
  • kusamaKusama(KSM)$34.25-8.23%
  • bitcoin-goldBitcoin Gold(BTG)$16.57-7.95%
  • qtumQtum(QTUM)$2.73-0.86%
  • ftx-tokenFTX(FTT)$1.89-21.50%
  • wavesWaves(WAVES)$2.46-9.71%
  • sushiSushi(SUSHI)$1.25-8.30%
  • yearn-financeyearn.finance(YFI)$7,194.82-7.91%
  • golemGolem(GLM)$0.232475-6.09%
  • omisegoOMG Network(OMG)$1.38-9.74%
  • ontologyOntology(ONT)$0.207890-6.33%
  • digibyteDigiByte(DGB)$0.010312-6.83%
  • umaUMA(UMA)$1.99-6.27%
  • ethlendAave [OLD](LEND)$0.53-3.08%
  • UniswapUniswap(UNI)$2.4438.80%