Maker’s Foundation Rescue Proposal Recues Stability Fee To 0

Maker’s Foundation rescue proposal that included reducing the DAI stability fee to zero has just been announced. The users with DAI in the DAI Savings Rate will not earn a lot of interest on their holdings if all of the MKR holders will vote for proposal as we are reading in the Maker news today.

Maker and DAI were severely damaged in the crisis over the past week during the market crash. After the liquidated collateral got auctioned for free, the network dropped into a huge deficit and since then, DAI started trading at a premium to its peg. Maker’s Foundation suggested dropping the stability fee to zero while trying to incentivize DeFi users to start minting DAI and sell it on the market for profit. This was an idea to help restore the parity of the stablecoin with the US dollar.

The proposal means that the DAI savings rage could drop to zero as well and those with the funds deposited in the DRS will not even earn interest at least not until the stability fee is increased. Minting Single Collateral DAI also includes a 3.5 percent stability fee which got reduced from 7.5 percent as it also deviated from the peg. However, the SAI lowered its growth since Multi Collateral Dai got released which means that it would not need a 0 percent fee for the price to go to the initial peg.

The MakerDAO proposal will try to cut down on the deficit via the issuance of the new MKR and the funds secured from this issuance will be used to recapitalize the network. Maker’s foundation also won about 33 auctions. The community syndicate won’t see action if the Foundation keeps the base price for the coin high.

As per the recent news, The Decentralized Finance project MakerDAO adds the USD Coin to its protocol as collateral via a blog post on the official website.
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The decision was brought up as a result of the Executive Vote in the MakerDao governance team, which made the USD coin the third approved collateral along with Ether and the Basic Attention Token, which is also on the platform.