MakerDAO is currently conducting a voting exercise for members of its community to decide whether or not there should be an increase in the interest rate allocated for DAI deposits.
According to the committee in charge of the election, community members are at liberty to vote for either side that they want or shun the exercise altogether. As of right now, a little over 90 percent of the total vote is in support of the change.
MakerDAO Community Members Decide
MakerDAO is one of the frontrunners in the decentralised finance (DeFi) industry, and it is the maker behind the popular stablecoin, DAI.
As a matter of fact, MakerDAO pays a certain percentage of interest tagged the DAI savings rate (DSR) on any deposit of the DAI stablecoin, and presently, there is an ongoing vote on whether or not it should be increased.
The savings rate is currently 0.01%, and the community members are to vote to change it to either of four options: 0.25%, 0.5%, 0.75%, or 1%.
Also read:Also, community members who are part of the voting exercise can choose the 0.01% current rate or just not cast a vote at all.
The increase in the DAI savings rate (DSR) came from a need to keep up with the yields given by other decentralised finance (DeFi) protocols. According to the committee and the protocol, an increase in the savings rate will guarantee the stability of the DAI stablecoin in the sense that there will be enough liquidity at all times.
From the evaluation of the ongoing vote statistics, it appears that a lot of community members are in favour of increasing the DSR to 1%. About 99.7% of the total votes were cast in its favour.
MakerDAO Rakes In Lots Of Revenue
In other news, the decentralised finance protocol has reportedly witnessed a boom in its revenue.
According to Sébastien Derivaux, a crypto banking analyst who took to his Twitter page to state that MakerDAO makes about 50% of its total assets from what he termed “real-world assets,”
Following the new development, speculation has been on the rise as to whether the protocol would enjoy the currently high yields in the traditional sector while stopping “capital outflows” from DeFi.
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