MakerDAO Governance Call: Aggressive rate hike warranted for Dai to return to target peg

This week’s governance call exuded a palpably stronger sense of resolve after a noticeably lacklustre effort in the preceding session. At its peak the call had 76 participants, an all-time high by some distance since I started attending, and with plenty to discuss the conversation extended beyond its intended one hour mark.

In last week’s report I predicted that polling would open on Monday, April 1, and the ensuing Executive Vote would resolve in favour of a 4% Stability Fee hike. In reality, the Maker Foundation decided against initiating a poll, although this week’s call seemed to suggest strong appetite for a further adjustment and some level of confusion as to why the voting process had not already been kicked into action.