Will MakerDAO Vote To Raise The Dai Stablecoin Yield? Here Are The Results So Far

Zinger Key Points
  • MakerDAO is seeking approval to double the interest rate it offers on dai deposits.
  • 99% of the current votes are in favor of raising the dai yield to 1%.

The dai DAI/USD savings rate (DSR), or the rate of interest the protocol pays to dai stakers, is up for voting in MakerDAO's governance forum.

The MakerDAO Open Market Committee has proposed that the DAO members vote on whether to boost the current yield rate of 0.01% to one of four rates: 1%, 0.75%, 0.5%, and 0.25%. The voting is anticipated to end on Dec. 1.

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Additionally, voters have the option to reject the proposal outright or to maintain the present yield of 0.01%.

99.7% of the votes were in support of increasing the rate to 1% as of the time of writing. The result could change as more votes are counted.

The proposal, according to the committee, would bring dai staking yields into line with stablecoin returns provided by other decentralized finance (DeFi) systems, such as lending protocols Aave and Compound.

It was emphasized in the proposal that a higher savings rate would aid in ensuring there is sufficient liquidity to sustain the stability of the dai stablecoin.

According to Block Anaalitica, average asset supply rates on DeFi lenders have slightly increased over the previous month.

The committee attributed this increase in supply rates on lending processes to a decline in asset liquidity brought on by investors moving their money to U.S. Treasury bonds because those returns were more alluring and secure.

One-year U.S. treasury bills are currently paying a rate of 4.7%.

Next: Crypto Lender BlockFi Declares Bankruptcy As FTX Aftermath Continues

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