(MENAFN- eTrendy Stock) MakerDAO, a decentralized autonomous organization that issues the DAI stablecoin, has seen favorable votes for its proposal to increase the DAO's real-world asset vault debt ceiling from $500 million to $1.25 billion. This move aims to diversify DAI's stablecoin liquid backing through real-world assets (RWAs) exposure. The preliminary vote to increase the debt ceiling to [...]' /> news financial analysis stock price prediction crypto price prediction
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home markets MakerDAO Proposal to Raise Real-world Asset Vault Debt Veiling Overcomes First Hurdle markets MENAFNMarch 19, 2023 MakerDAO Proposal to Raise Real-world Asset Vault Debt Veiling Overcomes First Hurdle By jerry rolon Share facebook twitter pinterest whatsapp MakerDAO, a decentralized autonomous organization that issues the DAI stablecoin, has seen favorable votes for its proposal to increase the DAO's real-world asset vault debt ceiling from $500 million to $1.25 billion. This move aims to diversify DAI's stablecoin liquid backing through real-world assets (RWAs) exposure.
The preliminary vote to increase the debt ceiling to 1.25 billion DAI ($1.25 billion) began on March 13 and lasted three days, concluding on March 16, 2023. Most of the votes favored the proposal to raise the debt ceiling by $750 million.
It should be noted that this poll is only a preliminary vote. After that, the matter will be put to an executive vote among DAO delegates. Finally, it will be executed as part of a future governance package if it passes.
makerdao initiated its RWA investment strategy in the previous year with a $500 million allocation to U.S. Treasuries. That marked a deviation from the protocol's crypto-native lending strategy since inception.
The financial statement from earlier this year revealed that RWA-based investments contributed 70% of Maker's gross revenue in December 2022.
The shift towards RWAs came amid a difficult time for the crypto-native lending space in 2022. Many participants defaulted on large loan positions and went bankrupt due to the year-long bear market. Additionally, the terra and ftx collapses heavily impacted the sector, which exacerbated the bear decline.
Other DeFi platforms are expected to play a significant role in the liquid staking derivatives market that could emerge following the activation of staked ether withdrawals after Ethereum completes its Shanghai upgrade.
CeFi lenders, such as voyager and celsius , have gone bankrupt, and several Solana-based crypto lenders have also sunset their frontend platforms. This development has led to fears that the Solana DeFi ecosystem might be heading to zero.
The governance poll's passing is a promising development for MakerDAO, marking the first stage of the DAO's expanded investment in RWAs.
If the executive vote also passes, it will increase the DAO's real-world asset vault debt ceiling to $1.25 billion, diversifying DAI's liquid backing and positioning MakerDAO for growth in the DeFi landscape.
The post makerdao proposal to raise real-world asset vault debt veiling overcomes first hurdle appeared first on cryptomode .
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