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DeFi Giant MakerDAO Voting On DAI Stablecoin Rewards Hiking

Ariga

Ariga

Nov 29, 20221 min read

DeFi Giant MakerDAO Voting On DAI Stablecoin Rewards Hiking

The community of decentralized financial company MakerDAO is voting to increase the yearly return for its DAI stablecoin by up to 1%.

Members of the community can vote in a ranked-choice poll until December 1 to raise the so-called DAI Savings Rate to 1%, 0.75%, 0.5%, 0.25%, or leave it at its current 0.01% rate. MakerDAO started the voting process on Monday.

At the time of publication, all votes were in favor of raising the interest rate to 1%. This may change as more voters cast ballots.

The election is taking place as yields in decentralized finance (DeFi) have plunged due to a drop in demand for crypto financing. Meanwhile, conventional market yields have risen considerably as a result of the Federal Reserve's aggressive rate-hiking campaign, exacerbating capital flight from DeFi.

Investors in the second-largest stablecoin, USDC, for example, could earn slightly more than 1% per year by lending their holdings. This is a much lower annual rate than investing in US Treasury bonds, which yield around 4% and are considered the safest investments.


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