For more than two weeks the dai stablecoin has sat below its $1 peg, and has been trading for roughly $0.97 over the last seven days. This has given concern to the Maker Dao community which has decided to raise the dai stability fee to 11.5% per year.
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Maker Community Hopes Increased Stability Fees Will Return Dai to $1 Peg
Stablecoins have been extremely popular over the last few years but when the cryptoconomy gets volatile, these assets are prone to slipping from their dollar backing. One such coin that’s overcollateralized with ethereum is the Maker network’s dai, faithfully held its 1:1 ratio with the USD until recently. However, the cryptocurrency has been performing much lower than expected and hasn’t held the $1 ratio since March 26, according to market data. Because of this issue, the creators of the programmatic lending protocol Maker Dao have given the community a few solutions to fix the stability problem.
This week Maker Dao (MKR)…