Image default

MakerDAO Community Votes to Hike DAI Rewards to 1%

Facebook iconLinkedin iconTwitter iconFacebook iconLinkedin iconTwitter icon

The community of MakerDAO, one of the largest decentralized finance (DeFi) protocols, voted to increase the rewards rate for its DAI stablecoin to 1%.

Some 71% of voters favored a 1% hike, the highest available option, during the voting, which ended Thursday.

Increasing the rewards known as the DAI Savings Rate (DSR) means that investors can earn a 1% annualized return on their DAI holdings, giving an incentive for investors at a time when decent yields in crypto are scarce. The return is still much lower than what is available for traditional yield-generating assets such as U.S. government bonds.

MakerDAO issues the $5 billion DAI stablecoin, which is backed by more than $7 billion worth of assets in its reserves. The protocol is led by a decentralized autonomous organization (DAO), in which holders of the protocol’s governance token maker (MKR) can vote on proposals.

Read more: DeFi Giant MakerDAO Voting on Hiking DAI Stablecoin Rewards

Trending1CDCROP: The HASH Podcast GraphicCoinDesk Podcast NetworkHeadlines: Top Stories of the Week 11-28-22Dec 3, 20222(ryasick/Getty Images, modified by CoinDesk)The Breakdown, With NLWMarket Whiplash as Jobs Report Undermines Powell’s Less Hawkish SpeechDec 3, 20223Markets Daily Podcast CoverMarkets Daily Crypto RoundupWeekend Story: What Is a Crypto Exchange Token and How Did It Help Blow up FTX?Dec 3, 20224CDCROP: The HASH Podcast GraphicCoinDesk Podcast NetworkDeFi Protocol Ankr to Reimburse Exploited Users; Meta Dips Back Into Policy CirclesDec 2, 2022


Related posts

Bitcoin, Ether Did Better Than You Think in 2022

Blake Goodwin

Defining Digital Assets

Blake Goodwin

Shiba Inu-Themed Floki Sees Trading Volume Surge Amid China Plans

Blake Goodwin

Leave a Comment