The users and holders of DAI, which is MakerDAO’s USD-pegged, Ethereum-based stablecoin, have reportedly voted in favor of increasing the costs associated with Maker’s algorithmic lending program. DAI’s investors voted to increase the “DAI Stability Fee” which will effectively raise the total cost to users for accessing the stablecoin-based lending program from the current 1.5% to 3.5% of the transaction amount. Established in 2017, the MakerDAO ecosystem allows users to obtain loans that are managed and issued using the DAI stablecoin. The issuance of DAI is tracked on a blockchain which serves as both a counterparty and a lender. In order to facilitate the voting process on MakerDAO’s loan-issuing platform, users are able to cast their votes using MKR tokens.
