MakerDAO Gets Community Approval

MakerDAO has received approval in its latest community proposal to increase the savings rate of the Maker token to 3.3 percent.

MakerDAO’s core developer team has submitted a proposal to raise the savings rate to 3.33% for this collateral-backed cryptocurrency amid rising interest rates as the US Federal Reserve is trying to combat persistent inflation.

MakerDAO Gets Community Approval for Its Proposal

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MakerDAO announced on Twitter, “DAI holders, brace yourself for a 3.33% DSR.” He stated that the change was proposed by DeFi risk management firm Block Analitica.

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The DAI Savings Rate, known as DSR, “can be adjusted frequently to cope with short-term changes in the market conditions of the Dai economy,” according to MakerDAO. This rate is funded by the Stability Fee in the network. Payable when DAI is locked into a DSR contract. Increasing the DSR to 1 percent resulted in more than 35 million DAI being deposited into savings accounts in one month, MakerDAO announced in February.

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The proposal must go through a formal voting process by MakerDAO, a decentralized autonomous organization. The average return of other stable cryptocurrencies mentioned in the proposal is 0.97 percent. Therefore, raising the savings rate of DAI is seen as a development that could have a significant impact across the DeFi ecosystem.

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