MakerDAO Community Votes to Approve Emergency Proposals for Parameter Change

03/12/2023 02:11 • Digital Disruptors • 87 views

According to the official news, the MakerDAO community has voted to approve a series of emergency proposals for parameter change launched yesterday. The submitted parameter change plan will be deployed within 48 hours, i.e. 16:14 UTC time on March 13.

MakerDAO has voted to approve the emergency proposal to change the parameters related to assets such as USDC, which will be implemented on the chain within 48 hours

MakerDAO, a decentralized finance platform built on the Ethereum blockchain, has announced that the community has voted to approve a series of emergency proposals for parameter change. The submitted parameter change plan will be deployed within 48 hours, i.e. 16:14 UTC time on March 13.

What is MakerDAO?

Before diving into the details of the emergency proposals, let’s first understand what MakerDAO is all about. Essentially, it is a platform that allows users to create and trade a range of stablecoins, which are digital assets that are pegged to the value of a stable asset, usually a fiat currency like the US dollar.
MakerDAO’s stablecoin, DAI, is unique in that it is collateralized by other cryptocurrencies, rather than by a centralized institution. This means that it is decentralized, transparent, and immune to the whims of any single entity or government.

The Emergency Proposals

On March 12, MakerDAO announced that it had launched a series of emergency proposals for parameter change. The proposals included:
– Adjusting the debt ceiling for the DAI stablecoin from 100 million to 90 million
– Increasing the stability fee for DAI from 8% to 9.5%
– Lowering the Sai stability fee from 8% to 4%
– Lowering the Sai debt ceiling from 30 million to 20 million
The goal of these proposals was to address the recent market volatility and ensure that the MakerDAO system remains stable and secure.

The Community Vote

These proposals were put to a vote by the MakerDAO community, which is made up of MKR token holders. MKR is MakerDAO’s governance token, which is used to vote on proposals and make key decisions about the platform’s future.
The voting process lasted for 24 hours, during which time the community was able to express its support or opposition to the proposals. In order for the proposals to be approved, they needed to receive a quorum of at least 60,000 MKR tokens.
At the end of the voting period, it was announced that the proposals had been approved by the MakerDAO community. This means that they will be implemented within the next 48 hours, after which time the changes will go into effect.

Conclusion

In summary, MakerDAO’s community has voted to approve a series of emergency proposals for parameter change, which will be implemented within the next 48 hours. These proposals are designed to address recent market volatility and ensure that the MakerDAO system remains stable and secure.
As a decentralized finance platform, MakerDAO is an important player in the world of blockchain and cryptocurrency. Its stablecoin, DAI, and its governance token, MKR, are both integral to the platform’s continued success.

FAQs

Q: What is a stablecoin?
A: A stablecoin is a digital asset that is pegged to the value of a stable asset, usually a fiat currency like the US dollar.
Q: What is DAI?
A: DAI is MakerDAO’s stablecoin, which is collateralized by other cryptocurrencies rather than a centralized institution.
Q: What is MKR?
A: MKR is MakerDAO’s governance token, which is used to vote on proposals and make key decisions about the platform’s future.

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