MakerDAO votes to increase yield for its DAI stablecoin

MakerDAO — the decentralized autonomous organization managing the DAI stablecoin — is voting to decide whether to increase DAI’s interest rate.

Preliminary results from MakerDAO’s voting platform shows that nearly all of the votes were cast in favor of increasing the DAI savings rate to 1%. As of press time — with two days remaining to vote — 99.74% voted in favor of increasing the interest rate tenfold from the previous 0.01%.

The holders of 18,230 MKR — worth $11.85 million as of press time — voted in favor of increasing the interest rate perceived by the DAI stablecoin holders. Only 46.66 MKR — worth $30,330 — of votes opposed the increase.

The committee made the proposal in an effort to reach the yields offered by other decentralized finance protocols such as Aave or Compound. The proposal explains that raising the savings rate would help secure enough liquidity to mantain the price of the DAI stablecoins table.