Based on a discussion board put up from MakerDAO, the issuer of the U.S. dollar-pegged Dai (DAI) stablecoin, on March 11, the agency requested an “pressing govt proposal to mitigate dangers to the protocol.“ Maker stated it possessed a number of collaterals “uncovered to USDC tail danger” in mild of the extraordinary depegging of the (USDC) stablecoin that started on March 10. MakerDAO at present has over $3.1 billion value of USDC in collateral backing DAI.
Firstly, Maker proposes lowering the debt ceiling of UNIV2USDCETH-A, UNIV2DAIUSDC-A, GUNIV3DAIUSDC1-A and GUNIV3DAIUSDC2-A liquidity supplier collaterals to 0 DAI. Subsequent, Maker needs to scale back the every day minting limits of its USDC peg stability module from 950 million DAI to 250 million DAI, and enhance the payment from 0% to 1% to forestall “extreme dumping of USDC.“ One other stablecoin module, GUSD, will even see its every day minting restrict decreased from 50 million DAI to 10 million DAI if the proposal passes.
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