- The recent vote held regarding the DAI stability fee saw low turnout
- The vote considered reducing the stability fee to 17.5 percent
MakerDAO has, in the past, made a number of changes to the ecosystem such as an increase in their stability fee in a bid to increase the value of their DAI token and selling stakes in their business. In each case, it was put towards the members of the MakerDAO ecosystem to vote and decide on whether or not such a change should move forward or not. On May 19, 2019, users were asked once again to vote on whether the fee should be decreased to 17.5 percent each year which would indicate a reduction of 2 percent or not.
The purpose of such a change would be to improve the tokens peg to the US dollar seeing as it its current exchange price is roughly $1. The stability fee question comes into play by Maker participants when users make use of DAI for loans.
Lack of Turnout
Unfortunately for MakerDAO, the results of the voting show that voters did not stake the minimum 117,631.90 MKR tokens that are needed to vote and as such, the proposal has been unfulfilled by the community in this case.
Interestingly enough, over half the threshold is representative of tow major token owners who hold 54.000 MKR tokens. MakerDAO is yet to make a formal announcement as to how they will proceed and users are in a state of uncertainty.
This result is rather unusual as several votes have been held this year which saw a healthy enough turnout to form a decision. In March, Maker was able to increase their stability fed on two occasions to 3.5 percent and then to 7.5 percent each year. In April, another fee increase took place in which 4 percent was added to the team and as such, it was raised to 11.5 percent and then another vote increase the fee to 19.5 percent earlier this month. All these have been in an effort to boost their token and increase its market price.
The announcement of the recent arrangement was made on May 17, 2019, and followed in the same vein as users were told to consider the fact that the exchange price was hovering above $1 and that voting will continue until the number of executive votes surpasses the total in favor of the previous executive vote as it was a continuous approval process