Another ‘voting‘ concerning whether or not to hike again the supposed stability fee for Maker’s Ethereum [ETH]-based DAI decentralised ‘stablecoin‘ by additional 3% has started on the governance portal of the DAO [Decentralised Autonomous Organization] recently on 19th April.
MakerDAO, that issues the USD-pegged aforesaid algorithmic decentralised stablecoin, is seeking to boost the token’s peg by increasing the yearly stability fee’s. This fee now is a charge levied by Maker participants once Dai is employed for loans.
Earlier in March, the DAO already raised its stability fee’s more than twice, ‘first‘ to 3.5%, and then to around ‘7.5%‘ annually. Additionally last week, the fee was further ‘hiked‘ by another 4% within the fifth such vote this year, bringing it to 11.5%, where it presently stands. If these hikes are accepted once again, the fee is expectedly to rise by around 15.5%.
The proposal points out that the necessity for this rise has been mentioned within the governance call on 18th April, of which a ‘video‘ has been uploaded to YouTube. The community however expressed a mixed response within the comments to the ‘announcement‘ of the vote on Reddit.
While one user expressed concern, stating that the frequent changes to the stability fee, in line with him, turns the system into an erratically short term leverage system. Whereas another users noted that raising the fee to boost the peg apparently isn’t operational.
As ‘reported‘ earlier in mid-march, senior consultant named ‘Valerie Szczepanik’ for digital assets at the U.S. SEC [Securities and Exchanges Commission] reportedly outlined that the algorithmic stablecoins might experience problems underneath the present securities laws.