MakerDAO Governance Call: Despite 0.75% supply decrease Dai continues to trade down

With Dai continuing to trade below $1 over the weekend, the MakerDAO Foundation initiated the three day polling process on Monday, setting out three options for the Stability Fee: keep at 3.5% APR, raise by 2% to 5.5% APR, or raise 4% to 7.5% APR.

The polling process concluded an hour after this week’s Governance call, with stakeholders ultimately settling on a 4% increase. A total of 58 addresses participated, representing 0.58% of MKR holding addresses, of which 73.2% voted in favour of the highest hike, 17.9% in favour a 2% increase, and just 8.9% voting to maintain the status quo. Breakdown by stake produced similar results, with 75.6% of MKR bonded towards the highest interest rate increase.