Latest MakerDAO Vote Gives Nod in Favor to Decrease Fees After Five Months of Continued Rise
The MakerDAO community has just voted to decrease the fees on all DAI loans after continued increases for over a period of five months.
This is expected to have an impact on the price of the stablecoin DAI that has experienced a stable price increase since May 13th.
MakerDAO Votes To Decrease Loan Fees
Two weeks ago, the MakerDAO community voted to increase fees by 3 percentual points. This has helped the stablecoin to stabilize its value and reach $1.06 in the last few days. According to CoinDesk, this is the second time voters have to take a decision about reducing by two percentual points the Stability Fee.
Voters will also stake their tokens again in order to execute the decrease into the MakerDAO system in a continuous polling round.
The head of community development Richard Brown explained that he is not comfortable with the lack of voter turnout. He said that during a governance risk call. There were only two MakerDAO token holders that voted for the 2 percent decrease with 54,000 MKR tokens.
There is also a MakerDAO token holder that is trolling the system by staking around 17,000 MKR in favour to increase the Stability Fee another 4 percent despite the fact that the digital currency is now overvalued. Brown commented:
“If you’re a person who thinks your vote doesn’t matter in the system that’s a self-fulfilling prophecy… If community members believe the system should head in direction ‘x’ then the community needs to self-organize for ‘x’.”
As he said, people have to lock up their Maker coins in order to have better votes and a more participative blockchain community.