On-chain activity under the microscope: dYdX origination volume second only to MakerDAO, SOPR metric suggests bull market

Last week’s MakerDAO Stability Fee hike proposal failed to pass the Executive Vote process, with just 3,732.82 MKR staked towards increasing the Stability Fee by 1% versus 44,474.72 MKR staked towards maintaining the status quo of 16.5%. 

[related id=3] The rejection of a proposal at the Executive Vote stage is historically highly unusual. The MakerDAO voting process was designed to be a formality rather than a decision making process itself: the hope is that MakerDAO stakeholders can come to consensus over social media and governance calls, leaving the vote itself as a merely technical procedure. Further, the polling procedure serves as a preliminary signal process: to see a disconnect between the two stages, which usually see considerable overlap in participants, defies expectations.