The MakerDAO token holders are in the coming altcoin news because of a vote which would decide whether to decrease the so-called stability fee for MakerDAO’s Ethereum blockchain-based decentralized stablecoin named DAI. The vote was officially announced on the organization’s blog on May 17.
“The Maker Foundation Interim Risk Team has placed an Executive Vote into the voting system, which will enable the community to enact a new Dai Stability Fee of 17.5%. The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote,” is what the announcement shared in our latest cryptocurrency news notes.
If the decision is approved and the vote comes out positive, the proposal would decrease the stability fee by 2% to 17.5% per year. As the announcement outlined, the need to decrease the fee was discussed by the project’s governance and now the MakerDAO token holders need to decide on it.
For those of you who don’t know, MakerDAO is looking to change the yearly stability fee in an attempt to improve the token’s peg to the US dollar – especially after the exchange price has been hovering above the $1 level. The stability fee was a hot topic in the altcoin news and is seen as a charge that is levied by Maker participants when DAI is used for loans.
In March, the MakerDAO token holders already decided to raise the stability fee (even twice), first to 3.5% and then to 7.5% per year. In April this year, this fee was further increased by another four percent in the fifth such vote this year which brought it down to 11.5%. The further votes brought the rate up to 19.5% at the beginning of the current month.
As we already reported (and many best cryptocurrency news sites did too) at the end of the previous month, DAI has been struggling to maintain its peg. Aside from the MakerDAO token holders and their decisions, the president and chief operating officer claimed that DAI’s value had been stabilized as of the beginning of May.
On top of this, at the end of April, the chief technology officer at MakerDAO, Andy Milenius, published an open letter dated April 3 to explain his concerns over the project’s internal conflicts.
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“As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.”Nabuilna explained that CBR is still unsure whether to use cryptocurrencies and how they could be launch into Russia’s monetary system but the idea of a zero-volatility digital asset is inviting:
“The CBR, in principle, is opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies fulfill the function of monetary surrogates. We have prepared an analytical report and will soon present it which will analyze what cryptocurrency is, what is happening in the world, what approaches different countries to have, and what regulation is envisaged. And, if the phenomenon of cryptocurrency in any perspective may cause risks to our macroeconomic stability, we need to understand that.”As noted in one of the best cryptocurrency sites, Russia is under significant economic sanction from the United States.
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