The original vote for Maker [MKR] token holders was ‘declared‘ on the organization’s web blog earlier on 17th May, with a ‘proposal‘ to decrease the stability fee by 2% to 17.5% every year. In line with the announcement, the requirement to decrease the fee was discussed within the MakerDAO governance call that took place earlier on 16th May.
However, the proposal originally was not accepted, because it didn’t get the number of votes needed to ‘reach‘ its quorum.
After that, in line with the web-blog post, “the Maker Foundation Interim Risk Team placed an Executive Vote into the voting system” to permit for a lower fee to be set. The page dedicated to both the votes provides a similar reason for the proposal:
“At the reporting time, DAI is presently trading at a price around $1 USD.”
MakerDAO uses changes to the yearly stability fee as the way to boost the token’s peg to the USD, after its exchange value had been hovering over the $1 USD level. The stability fee is a charge levied by Maker participants when Dai is employed for loans.