MakerDAO Approved A Proposal To Transfer 500 Million USDC To Coinbase

Key Points:

• Lending protocol MakerDAO has given its blessing to a plan that would see 500 million USDC transferred from reserves to the custody of Coinbase at a yield of 2.6%.
• Up to 85 percent of the members of the Maker community took part in the vote on the proposal, and the majority of those voting in support of giving coins to Coinbase Custory.
• The “Constitution” proposal was recently endorsed by the protocol as a premise to the Endgame plan, which is anticipated to begin “floating” the value of DAI with a completely new model of fractional operation. The Endgame plan will be implemented soon.

The plan to transfer 500 million USDC to Coinbase was officially accepted by MakerDAO on April 21.

The MakerDAO community voted on and approved a proposal to open a Real World Asset vault on Coinbase Custody on April 20. This vault will be used by the protocol to store up to 500 million USDC and will pay an annual interest rate of 2.6%.

Coinbase is required to store these assets in a cold wallet, however the company does not charge any fees for providing custody of these assets. The protocol noted that MakerDAO will be able to withdraw funds from RWA within twenty-four hours, and that wallet assets will be insured up to a maximum of five hundred million dollars.

Up to 85 percent of the members of the Maker community took part in the vote on the proposal, and the majority of those voting in support of giving coins to Coinbase Custory. This is actually a phase in the plan to shift a total of 1.6 billion USDC into the custody of Coinbase in October 2022. If this suggestion is carried out, Coinbase would split this 500 million USDC into the RWA vault and enjoy a greater yield on those funds.

The platform has, during the course of its existence, endeavored, via a wide array of investing approaches, to both expand its revenue and broaden the scope of its financial holdings. Such as increasing one’s investment in traditional assets such as loans to banks and bills issued by the United States Treasury.

The “Constitution” proposal was recently endorsed by the protocol as a premise to the Endgame plan, which is anticipated to begin “floating” the value of DAI with a completely new model of fractional operation. The Endgame plan will be implemented soon.

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

Chubbi

Coincu News