The community of the decentralized financial company MakerDAO is voting to increase the yearly return for its DAI stablecoin by up to 1%.
The election is taking place as yields in decentralized finance (DeFi) have plunged due to a drop in demand for crypto financing. Meanwhile, conventional market yields have risen considerably due to the Federal Reserve‘s aggressive rate-hiking campaign, exacerbating capital flight from DeFi.
MakerDAO started the voting process on Monday. Community members can vote in a ranked-choice poll until December 1 to raise the so-called DAI Savings Rate to 1%, 0.75%, 0.5%, or 0.25%, or to keep it at its current 0.01% rate.
At the time of writing, all votes supported hiking the interest rate to 1%.
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