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MakerDAO, which claims to be the longest-standing DeFi lending protocol and creator of DAI, the original, “decentralized” stablecoin, has announced the approval of the Maker Constitution.
Members of the MakerDAO [MKR] community voted in favor of a set of proposals on 27 March, which included “The Maker Constitution,” a set of new governance rules that have introduced significant changes to the leading decentralized finance (DeFi) protocol.
In an open poll on the matter that closed Monday, 76% of voters approved “The Maker Constitution,” authored by Maker CEO and co-founder Rune Christensen.
The document creates multiple offices tasked with fulfilling various jobs for the protocol, each with their own powers and responsibilities.
MakerDAO constitution will completely revolutionize governance at the DAO
The approved proposal aims to set a new foundation for the largest decentralized lending protocol's major restructuring called “Endgame.”
MakerDAO, the governance community of the popular DeFi lending platform Maker, has decided to keep using USD coin (USDC) as the primary reserve asset for the DAI stablecoin. Although USDC experienced a temporary depeg earlier this month, an overwhelming majority of the MakerDAO have chosen to retain their faith in the world's second-largest stablecoin, dismissing any other viable options.
MakerDAO has voted to keep USDC as the primary collateral for Dai, rejecting a proposal to diversify into GUSD and USDP. The decision was made based on reduced risks from a cascading bank run in the US and USDC's return to a $1 peg.
The passed measure ends the 1% USDC to DAI minting fee that was previously implemented.
In a recent vote, the MakerDAO [MKR] community reignited its trust in Circle [USDC]. The vote result showed that Maker would keep USDC as its primary reserve.
Voting members were presented with two options: keep USDC as the primary reserve backing its DAI stablecoin, or diversify
The MakerDAO community has voted to retain USDC as a key reserve for the DAI token despite recent turmoil for the Circle-issued stablecoin.
These three high-growth cryptos could be poised for a major breakout if the current positive momentum in digital assets is sustained.
The decision follows a turbulent period during which USDC temporarily lost its dollar peg when key banking partner SVB collapsed.
Leading decentralized finance protocol, MakerDAO [MKR], has proposed changes to its Peg Stability Module (PSM) operations in response to DAI's recent loss of parity with the US dollar. The proposal seeks community approval to adjust the PSM parameters.
The Maker (MKR) token dropped 26% in value within a week following the news of an emergency proposal to address the DeFi protocol's $3.1 billion USDC exposure, raising concerns among investors and stakeholders.
While its DAI stablecoin regained its parity with the U.S. dollar last week, increased uncertainty as to whether a further de-pegging should be expected resulted in a decline in MakerDAO's [MKR] total value locked (TVL) in the last seven days.
Following the collapse of SVB and the stablecoin saga, many have lost faith in crypto-backed stablecoins.
The following cryptocurrencies had the worst week of all altcoins.
The annualized fee income of leading decentralized finance protocol MakerDAO [MKR] has declined since the collapse of Silicon Valley Bank (SVIB) on 10 March, data from MakerBurn revealed.
A MakerDAO proposal to increase the DAO's real-world asset vault debt ceiling from $500 million to $1.25 billion has seen favorable votes.
MakerDAO passed a proposal to increase its US Treasury bond holdings by 150% to $1.25 billion. The move aims to diversify its liquid assets and boost revenue stream through a net annualized yield of 4.6% to 4.5%.
Maker's governance community has initially voted in favor of increasing United States Treasury bond holdings to $1.25 billion, according to a Twitter thread on March 15.
The emergency proposal increases MakerDAO's holdings of United States bonds by 150%, aiming to diversify the Dai stablecoin's collateral exposure.
