The result is a significant blow for Paxos as MakerDAO currently holds roughly half of USDP’s total supply.
Decentralized finance (DeFi) lending protocol MakerDAO’s community has voted to ditch $500 million Paxos Dollar (USDP) stablecoin from its reserves, impacting half of the token’s supply.
Voters unanimously favored to decrease the debt ceiling for USDP to zero from $500 million, according to a vote concluded Thursday.
The decision has a significant impact on embattled stablecoin issuer Paxos, as Maker’s treasury holds roughly half of USDP’s $1 billion supply. This comes after New York state regulators forced the company in February to halt minting Binance USD (BUSD), another Paxos-helmed stablecoin. The market capitalization of BUSD has cratered to $5 billion from $16 billion since then, according to CoinGecko data.
MakerDAO, issuer of the $5 billion DAI stablecoin and one of the largest lending protocols in DeFi, is aiming to boost its revenues by investing its vast reserves in yield-generating strategies.
Gemini, issuer of the GUSD stablecoin, pays an incentive to MakerDAO for holding its stablecoin, while MakerDAO will soon earn a 2.6% yield on as much as $500 million of USDC from Coinbase Prime. The protocol also increasingly invests in real-world assets (RWA) such as tokenized short-term U.S. Treasury bonds via investment management firms.
The proposal for booting USDP argued that holding the stablecoin does not accrue revenues for MakerDAO, hurting its capital efficiency as the protocol prepares to hike rewards rate for its own stablecoin, DAI.
“While Paxos has raised the possibility of a marketing fee scheme, to date there has not been concrete progress towards implementing this,” per the proposal. “If marketing payments are eventually implemented, Maker would be able to increase USDP debt ceilings in response.”
The protocol’s community voted for onboarding a new real-world asset vault that would invest up to the additional amount in U.S. Treasury bonds.
The community governing MakerDAO, the decentralized autonomous organization (DAO) behind stablecoin DAI, has paved the way to purchase up to an additional $1.28 billion in U.S. government bonds via crypto asset manager BlockTower Capital.
Voters unanimously favored opening a new real-world asset (RWA) vault named BlockTower Andromeda, according to a vote concluded on Thursday. The vault is dedicated to investing a maximum of $1.28 billion in short-dated U.S. Treasury bonds funded by Maker’s overcollateralized DAI stablecoin, according to the proposal.
Maker will pay a 0.15% arranger fee to BlockTower. Celadon Financial Group will act as a broker and Wedbush Securities will custody assets.
Maker has already purchased $1.1 billion of government and corporate bonds via a vault helmed by asset manager Monetalis Clysdale. It also made loans to banks such as Huntingdon Valley Bank and Societe Generale-Forge, the French banking giant’s crypto-focused subsidiary.
Structure of the new BlockTower RWA vault (MakerDAO)
The latest decision fits into Maker’s ambitions to diversify reserve assets backing its $5 billion stablecoin DAI and boost protocol revenues by investing in yield-generating strategies. Maker earns a yield on storing $500 million USDC at Coinbase Prime, while Gemini pays rewards to Maker for holding Gemini Dollar (GUSD) among the reserve assets.
The platform’s investment plan also underscores the growing demand for traditional financial instruments among crypto native entities such as DAOs as a means to earn a stable yield on their treasury.
BlockTower already manages multiple Maker vaults, which currently invest some $90 million in structured credit products on blockchain-based credit protocol Centrifuge.
MakerDAO, son topluluk teklifinde Maker token’ının tasarruf oranını yüzde 3,3’e çıkarma teklifinden onay aldı.
MakerDAO, son topluluk teklifinde Maker token’ının tasarruf oranını yüzde 3,3’e çıkarma teklifinden onay aldı.
MakerDAO‘nun çekirdek geliştirici ekibi, ABD Federal Rezervi’nin kalıcı enflasyonla mücadele etmeye çalıştığı artan faiz oranı ortamında, teminat destekli bu kripto para birimi için tasarruf oranını yüzde 3,33’e yükseltme teklifini sundu.
MakerDAO, Teklifiyle Topluluktan Onay Aldı
MakerDAO, Twitter’da “DAI sahipleri, yüzde 3,33’lük bir DSR için kendinizi destekleyin” şeklinde bir duyuru yaptı. Değişikliğin DeFi risk yönetimi firması Block Analitica tarafından önerildiğini belirtmişti.
DSR olarak bilinen DAI Tasarruf Oranı, MakerDAO‘ya göre “Dai ekonomisinin piyasa koşullarındaki kısa vadeli değişikliklerle başa çıkmak için sık sık ayarlanabilir”. Bu oran, ağdaki İstikrar Ücreti tarafından finanse ediliyor. DAI bir DSR sözleşmesine kilitlendiğinde ödenir. Şubat ayında MakerDAO’nun yaptığı açıklamaya göre, DSR’yi yüzde 1’e yükseltmek, bir ayda 35 milyondan fazla DAI’nin tasarruf hesaplarına yatırılmasına neden oldu.
Teklif, merkezi olmayan bir özerk kuruluş olan MakerDAO tarafından resmi bir oylama sürecinden geçmesi gerekmektedir. Teklifte bahsedilen diğer stabil kripto paraların ortalama getirisi yüzde 0,97’dir. Bu nedenle, DAI’nin tasarruf oranının yükseltilmesi DeFi ekosistemi genelinde önemli bir etkiye sahip olabilecek bir gelişme olarak görülüyor.
