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Home»Web 3»MakerDAO receives proposal to increase DAI savings rate to 3.3%
Web 3

MakerDAO receives proposal to increase DAI savings rate to 3.3%

2023-05-29No Comments2 Mins Read
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A core developer team at MakerDAO, the decentralized platform responsible for the Dai stablecoin, is propose to increase the savings rate for the collateralized cryptocurrency to 3.33% in an environment of rising interest rates as the US Federal Reserve tries to combat ongoing inflation.

“Brace yourself, DAI holders, for a DSR of 3.33%,” MakerDAO said on Twitteradding that the change was suggested by DeFi risk management firm Block Analytica.

Known as DSR, the DAI savings rate “can often be adjusted to address short-term changes in the market conditions of the Dai economy,” according to MakerDAO.

It is funded by the Stability compensation on the network and paid when DAI is tied to a DSR contract.

MakerDAO

Increasing the DSR to 1% last year led to more than 35 million DAI being deposited in a month, MakerDAO said in February. The proposal, which noted that the yield on a 3-month US Treasury Bill is currently around 5.29%, would need to go through a formal voting process by the decentralized autonomous organization.

The average return of other cash stablecoins mentioned in the proposal is currently 0.97%.

MakerDAO member sees ‘huge tailwind’ for Defi ecosystem

“Think this could be a huge tailwind for the whole defi ecosystem,” said a MakerDAO community member with Block Analytica named Monet offer said Friday on Twitter, tell one user that the move should drive the DAI circulation up, not down. “Logically, the market will eventually become more efficient, it’s better to be a first mover.”

MakerDAO

“DSR increases demand for holding DAI, which will increase market cap as people transition from non-yielding stables,” Sam MacPherson, the co-founder of Phoenix Labs, wrote on Twitter. “Loan rates at your favorite lending platforms are about to jump to ~4.5% as Maker drastically increases the cost of capital.”

See also  Do we really need another messaging app?

Primoz Kordez, the founder of Block Analitica, according to the proposal would raise rates across the DeFi landscape.

“DAI in DSR is the measure of the safest DeFi stablecoin yield,” he wrote.

MakerDAO

© 2023 The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.



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DAI Increase MakerDAO Proposal Rate Receives savings
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