The MakerDAO community is voting whether to raise the DAI stablecoin’s annual reward by up to 1%. Through December 1st, community members can rank-choose vote on whether to increase the so-called DAI Savings Rate either to 1%, 0.75%, 0.5%, 0.25% or let it remain at its current 0.01% rate. The poll was started on Monday 28th November 2022 by MakerDAO and is live till 1st December.
By 29th November, there was unanimous support for increasing the rate to 1%. As additional ballots were to be casted, the numbers were likely to change and so they did. At the press time, out of total 40,833 casted votes, 27,689 votes which accounts about 67.81% are in favor of 1% DSR increase while 13,097 votes equivalent to 32.07% are supporting 0.5% DSR increase.
The voting is taking place since yields in decentralized finance (DeFi) have fallen and there is less demand for lending on cryptocurrencies. The Federal Reserve’s vigorous push to boost interest rates has also caused yields in traditional ma
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