Over 70% of The MakerDAO Votes Against CoinShare Investment Proposal
In the MakerDAO votes poll for CoinShares Active Treasury Management (MIP86), the proposal by CoinShares to invest funds of MakerDAO in various traditional financial assets was rejected by more than 70% of the community votes.
The decentralized lending protocol MakerDAO has voted against CoinShare’s investment plan for yield which places the community’s funds (from $100M to $500M) into a portfolio of corporate debt securities and government-backed bonds.
CoinShares plan was to provide a variable APY above the SOFR interest rate (3.01% as of October 26, 2022) in the community’s preferred currency (DAI, USDC, USD…) to MakerDAO that could have been withdrawn on-chain. However, the suggestion was eventually disapproved, with 72.43% against, 13.84% in favor, and 13.73% abstaining.
Although most of the community voted against the investment proposal, only two explanations were given for the reason why they voted against the proposal.
Since governance has voted on excess USDC then available, going to just say no to proposals of this type moving forward until the house gets in order. Coinshares had many incongruencies up front but did a decent job of articulating confusing portions of their proposal. Optimistic for a revision / different approach.
Feedblack Loops LLC
We believe this proposal to be extremely beyond protocol risk tolerance
Llama
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
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Over 70% of The MakerDAO Votes Against CoinShare Investment Proposal
In the MakerDAO votes poll for CoinShares Active Treasury Management (MIP86), the proposal by CoinShares to invest funds of MakerDAO in various traditional financial assets was rejected by more than 70% of the community votes.
The decentralized lending protocol MakerDAO has voted against CoinShare’s investment plan for yield which places the community’s funds (from $100M to $500M) into a portfolio of corporate debt securities and government-backed bonds.
CoinShares plan was to provide a variable APY above the SOFR interest rate (3.01% as of October 26, 2022) in the community’s preferred currency (DAI, USDC, USD…) to MakerDAO that could have been withdrawn on-chain. However, the suggestion was eventually disapproved, with 72.43% against, 13.84% in favor, and 13.73% abstaining.
Although most of the community voted against the investment proposal, only two explanations were given for the reason why they voted against the proposal.
Since governance has voted on excess USDC then available, going to just say no to proposals of this type moving forward until the house gets in order. Coinshares had many incongruencies up front but did a decent job of articulating confusing portions of their proposal. Optimistic for a revision / different approach.
Feedblack Loops LLC
We believe this proposal to be extremely beyond protocol risk tolerance
Llama
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Thana
Coincu News
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