2 years ago
Maker’s governance assemblage has initially voted successful favour of expanding U.S. Treasury enslaved holdings to $1.25 billion, according to a Twitter thread connected March 15.
Preliminary ballot approves Treasury enslaved purchases
The proposal, if it is afloat approved astatine a aboriginal date, volition spot Maker much than treble its existent $500 cardinal of Treasury enslaved holdings to $1.25 billion.
Maker initially began to put successful U.S. Treasury bonds successful October 2022 done an betterment connection called MIP65. The latest connection increases the indebtedness ceiling for those investments and thereby raises the magnitude that Maker tin put successful liquid bonds.
Maker says that the $750 cardinal made disposable done the connection volition beryllium spent connected U.S. Treasuries with maturities arsenic divided implicit six months. This attack volition guarantee that the Treasuries mature connected a bi-weekly basis, $62.5 cardinal astatine a time.
The connection to rise the indebtedness bounds was passed with 77.13% of votes (76,936 MKR) successful favour of the alteration and 22.86% of votes (22,799 MKR) against the change. A tiny fig of votes (12 MKR) abstained from voting either mode connected the matter.
Notable voters included the crypto merchandise institution GFX Labs, the London Business School Blockchain, the analytics steadfast Flipside Crypto, and ConsenSys.
Maker governance indispensable inactive o.k. the alteration successful a abstracted enforcement ballot astatine a aboriginal date. The update volition past beryllium straight deployed to Maker Protocol
Recovering from Maker’s DAI depeg
Maker’s determination to put successful Treasury bonds is related to its attempts to go much resilient aft its decentralized stablecoin, DAI, concisely mislaid parity with the dollar.
DAI fell arsenic debased arsenic $0.89 connected March 11 earlier recovering to $1.00 connected March 13. That depeg was caused by the illness of Silicon Valley Bank, which chiefly affected Circle’s USDC stablecoin but besides impacted other large stablecoins. DAI was specifically affected owed to the information that it uses DAI-USDC swaps successful its Peg-Stability Module (PSM).
In bid to diversify from USDC, the task volition put a information of the USDC successful its PSM to get the $750 cardinal of Treasury bonds slated for purchase.
The station Maker passes archetypal ballot to summation U.S. Treasury enslaved holdings to $1.25B appeared archetypal connected CryptoSlate.
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