Journalist
Posted:
- MakerDAO’s board remained active in a sluggish market.
- A board poll could double Maker’s T-bill allocation, leading to higher revenues and buybacks.
Despite the bear market affecting many cryptocurrencies and protocols, MakerDAO remains[MKR] remained resilient and came up with proposals to improve the protocol.
Is your portfolio green? View the MKR Profit Calculator
More polls, more goals
Recently, a poll on Maker’s board aimed to reactivate the direct access to debt ceiling module, allowing users to adjust debt ceilings for real asset vaults within specific limits.
The proposed changes include a maximum debt ceiling of 3 billion DAI, a target available debt of 50 million DAI and a 24-hour cooling-off period for ceiling increases.
If the proposal is approved, MakerDAO would allocate a significantly larger share of its assets to Treasury bills (T-bills), which are short-term, low-risk government bonds. Doubling the allocation means that MakerDAO would invest a much larger amount of its money in these T-bills than it currently does.
Source: MakerDAO
By allocating more money to government bonds, MakerDAO could generate more interest income. T-bills typically pay interest to their holders, and by investing more in them, MakerDAO would generate additional revenue from these interest payments.
Maker Governance Proposal to Double T-Bill Allocation
A poll has been posted to Maker’s board of directors that aims to reactivate the direct access to debt ceiling module, which allowed users to adjust the debt ceiling of their real asset vaults within certain limitations.
The… pic.twitter.com/2Pq1YjECxO
— ASXN (@asxn_r) September 26, 2023
In addition to MakerDAO, the tokenized public security market in general has also been active. It has a current value of $343 million and is growing 6% month-on-month according to Seb Ventures figures. facts.
The launch of three permissionless tokens in this space (OSDY, USDM, stEUR) in September suggested the increasing popularity of tokenized securities.
State of MakerDAO and MKR
Despite the growing number of proposals on the MakerDAO board, a decline in revenue from the protocol was observed.
According to Token Terminal’s data, a 37.8% decline in protocol-generated revenue was recorded over the past month. This could be due to several factors, including market conditions and changes in user behavior.
Realistic or not, here is MKR’s market cap in BTC terms
In contrast, the price of MKR, MakerDAO’s native token, saw significant growth, reaching $1,407 at the time of writing. This price increase indicated investor confidence and interest in the developments of the protocol.
Although the number of MKR holders remained relatively stable during this period, there was a notable increase in the rate. This suggested that existing holders may have become more active in trading or using MKR within the MakerDAO ecosystem.
Source: Santiment