MakerDAO Votes On To Decrease The Stability Fee For Its DAI Stablecoin.

MakerDAO Votes On To Decrease The Stability Fee For Its DAI Stablecoin.

2019-05-20 | Selina Mathew

MakerDAO Votes On To Decrease The Stability Fee For Its DAI Stablecoin.

In line with an official 'web-blog post' published, a new voting round regarding whether or not to decrease the stability fee for MakerDAO’s Ethereum [ETH] blockchain-based decentralized stablecoin named ‘DAI’ has started.

If approved, the new proposal would decrease the stability fees by 2% to 17.5% per annum. In line with the announcement, the requirement to decrease the fee was mentioned during the 'MakerDAO' governance 'decision' that took place earlier on 16th May.

MakerDAO is trying to alter the yearly stability fee in an attempt to boost the token’s peg to the USD after its exchange price has been hovering higher than the $1 USD level. The stability fees is a charge levied by Maker participants once Dai is employed for loans.

Earlier in March, Maker already raised the stability fee by almost double, first to '3.5%' & then to '7.5%' per annum. Later in April, the fee was additionally 'increased' by another 4% within the fifth such voting this year, bringing it to 11.5%. Additional votes brought the rate up to '19.5%' at the starting of  this month.

Also in April, DAI has been antecedently struggling to keep up with its peg. MakerDAO’s president and COO, however, 'claimed' that DAI’s price had been stabilized as of the start of May.

Also at the end of April, Andy Milenius -The chief technology officer at MakerDAO, 'revealed' an open letter dated 3rd May explaining his considerations over the project’s internal conflicts.

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