MakerDAO Weighs Ditching $390M of Gemini Dollars from DAI Reserve
The result could have a significant impact on Gemini and its stablecoin as MakerDAO’s reserve holds roughly 88% of total GUSD supply.
Decentralized finance () lending platform and stablecoin issuer could soon ditch $390 million of crypto exchange Gemini’s stablecoin from its reserves.
The protocol’s community is currently on a to decrease the maximum amount of GUSD to $110 million from $500 million held in Maker’s stablecoin reserve, called the Peg Stability Module ().
Less than 24 hours before the vote’s end, roughly 94% of those who have already voted are in favor of the proposal to cut GUSD. However, a similar in January saw a late rush of votes in favor of retaining GUSD, pushing that side to a razor-thin 50.85% majority.
The vote is significant for GUSD’s future, as Maker holds roughly 88% of the stablecoin’s $568 million circulating supply. Maker backs the value of the $4.5 billion DAI by holding cryptocurrencies such as Circle’s USDC and GUSD in the reserve, and increasingly by investing in real-world assets like government bonds.
– the crypto exchange founded and run by Tyler and Cameron Winklevoss and the issuer of GUSD – pays a 2% annual reward to MakerDAO for using the token as a reserve asset. The , however, argued that the platform could enjoy better revenue opportunities, for example by investing in short-term U.S. Treasuries, which currently offer about a 5% yield.
“Reducing GUSD exposure could allow for better capital efficiency by deploying funds into higher revenue generating opportunities,” the proposal said.
Edited by Stephen Alpher.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
VIPBitget VIP Weekly Research Insights
The Base chain has recently seen several major strategic developments: Coinbase has integrated DEX routing for Base on its main app, bridging the gap between CeFi and DeFi liquidity; Shopify has partnered with Base to expand real-world applications and user access points. At the same time, Circle and Coinbase stocks have surged by over 700% and 50% respectively, creating a wealth effect that may spill over into the Base ecosystem—boosting both its TVL and token prices. Recommended projects include: 1) AERO (Aerodrome)—The leading DEX on Base, showing strength despite market downturns; well-positioned to benefit from Coinbase integration. 2) BRETT—A flagship memecoin on Base with over 840,000 holders; likely to lead the next Base memecoin rally. 3) New tokens on Bitget Onchain—Offer early access to emerging Base memecoins while helping users avoid high-risk tokens.
VIPBitget VIP Weekly Research Insights
Recent bullish news surrounding a potential Solana ETF has reignited market optimism. The SEC has asked issuers to update their S-1 filings, signaling that ETF approval could be near. This development has boosted confidence in the Solana ecosystem. As a high-performance Layer-1 blockchain, Solana (SOL) offers fast transactions and low fees, making it a hub for DeFi and NFT activity, while also drawing increasing institutional interest. Jito (JTO), the leading liquid staking protocol on Solana, saw its token surge 17% after JitoSOL was included in a Solana ETF prospectus. Its MEV optimization further enhances network value. Jupiter (JUP), Solana's top DEX aggregator with a 95% market share, recently launched a lending protocol, highlighting strong growth potential. These tokens offer investors early exposure ahead of a possible ETF approval and a chance to benefit from Solana's expanding ecosystem.
Can Solana Ride the Nasdaq Hype to Close Q2 Above $160?
Solana's price rise is fueled by renewed institutional interest and growing trader participation, positioning SOL for a potential breakout above $160.
Bitcoin: Scarcity Deepens With Every Block Mined
Crypto prices
More
