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The stable dollar-denominated ICD is still trading at less than a dollar, but is now considered to be in a "stable" position.
From 0.5% to 16.5% today, stability fees have increased 33fold in the last three months. Now, MakerDAO token holders have again voted in favor of a 3% fee increase to 19.5%.
According to the minutes of the meeting published on Reddit, the director of the MakerDAO Foundation, Steven Becker, emphasized in his call on governance and risks:
"The use of the stability tax has made progress. The ankle is stable, just a few percentages [points] below where he must be. "
Since February, the token holders at the origin of the main loan platform for the issuance of DAI – MakerDAO – have increased what is called the "stability fee" in the purpose of making DAI loans more expensive. In doing so, the goal is to reduce DAI's supply to the market and push the price of DAI to the dollar value.
The result of this week's vote, according to community development officer Richard Brown, was "a race to the neck" between 2 and 3%. Starting on Friday, a secondary vote will be held to apply this increase in the loan system by program.
Looking back, MakerDAO is the most widespread decentralized finance application (DeFi) in the field of cryptocurrency to date, according to the DeFi Pulse crypto-badysis platform. It contains more than 300 million dollars of ether, and the second most popular DeFI application, Compound, a crypto loan application, only accounts for about 33 million dollars.
Soon, MakerDAO will also hold millions of crypto-currencies out of the ether thanks to an ambitious upgrade to introduce what we call "multi-guaranteed DAIs". supply ceiling of 100 million.
Details of the meeting
Given the persistent imbalance between supply and demand for ICD, some community members have advocated in the past to reduce the ITC supply ceiling as an additional measure to the rising costs of ITC. stability.
However, as Vishesh Choudhry of the MakerDAO Foundation's risk team said, consecutive increases in stability fees appear to have a measurable impact on the price of the ICD, which currently ranges from 0.97 and $ 0.98.
"What we've really seen is that the price of the DAI has stabilized somewhat with the increase in stability fees over the last few weeks," said Choudhry during today's call. 'hui. "There were a lot of things with [ether] and with Tether, as always, take everything with a grain of salt but I think this is a positive indicator that what we are doing really has an impact. "
Cyrus Younessi, head of risk management at the MakerDAO foundation, said it seemed like "we are going in the right direction" and that more attention may be needed when it comes to stopping the price increases. stability fees.
Younessi asked:
"When do we know that the ankle has been repaired? What kind of indicators are we looking for? … How long are we comfortable observing DAI transactions around $ 1.00 before considering a match? [Stability Fee] changes? "
Picture of stacks of coins via Shutterstock
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