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(3.01% as of October 26, 2022) in the community’s preferred currency (DAI, USDC, USD…) to MakerDAO that could have been withdrawn on-chain.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
Senator Lummis’s Federal Reserve Bitcoin Proposal urges the Fed to sell some gold reserves and…
Pennsylvania proposes a Bitcoin Reserve, aiming to hold BTC as a state reserve asset to…
Let’s dive into why Qubetics might just be the investment to settle those Avalanche regrets.
Discover how Toncoin's valuation, SUI's latest Google Cloud partnership, and BlockDAG's soaring presale frame the…
Free crypto airdrops are one of the ways to help users participate in the project…
The PancakeSwap Swap Bot supports trading on PancakeSwap’s v2, v3, and stableswap protocols on the…
This website uses cookies.