Maker (MKR) holders approve 3.5% fee increase for DAI stablecoin

11 Mar, 2019 | Updated: 11 Mar, 2019
by David Robb
Maker (MKR) holders approve 3.5% fee increase for DAI stablecoin

The MakerDAO community has made a big decision regarding its ETH-based stablecoin, the DAI. After a voting process, it was decided that the 'stability fee' would be increased by 3.5 percent, as reported by CoinDesk.

Maker (MKR) tokens are primarily used for casting votes like this, on new developments in the MakerDAO eco-system, as well as paying fees such as the 'stability fee'. The DAI stablecoin was launched in 2017, and its founders have taken steps to ensure a high level of transparency and a guarantee of its USD peg.

Read more: Maker (MKR) now holds over 2% of total Ethereum supply in Dai Credit System

According to Richard Brown, head of community development at the MakerDAO Foundation, "There seemed to be a tremendous support for that decision. Within 24 hours, we saw over 40,000 MKR in support…We saw 9 MKR staked in opposition. With any kind of voting system – similar to stakeholder votes – signaling disagreement even in the face of overwhelming opposition is important"

The fee increase is intended to resolve liquidity issues with DAI, following a recent influx of borrowers taking out loans in the stablecoin. The MKR blockchain acts as a counterparty to these deals.

Read more: 5 ways Fidelity and Bakkt could change cryptocurrency in 2019

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