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Token holders behind the programmatic loan system MakerDAO have voted to decrease fees on all DAI loans, for the first time in five months.
Operating on the ethereum blockchain, DAI is a dollar-pegged stablecoin that is currently backed in value by nearly 2 million ether tokens. Since the beginning of this year, the value of DAI has had suffered a steep fall, falling below $1 due to a market supply and demand imbalances.
The MakerDAO token holders have incrementally increased fees on the MakerDAO system in an effort to contract the DAI supply and a goal of raising its trading price. Dubbed as Stability Fee, interest is accrued over time on all DAI loans taken out from the MakerDAO system.
The Stability Fee has increased 39 fold from 0.5 percent to 19.5 percent over the course of five months, which has subsequently received outrage from some ear...
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