The MakerDAO community rejected CoinShares' proposal for a bond investment of up to $500 million

2022-11-29 07:35:27

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ChainCatcher news, CoinShares had proposed in September to manage $100 million to $500 million of USDC in the MakerDAO community proposal, investing these funds in a portfolio of corporate debt securities and government-backed bonds, which would provide users with yields matching the secured overnight financing rate (SOFR) (as of October 26, 2022, the annual SOFR rate was 3.01%). The voting ended on Monday, with approximately 72% of the votes against the proposal.

Some users expressed that the proposal was extremely beyond the protocol's risk tolerance. In October, the MakerDAO community approved a custody proposal for $1.6 billion in stablecoin USD from Coinbase Prime. This custody is expected to allow the MakerDAO community to earn a 1.5% reward on USDC. (Cointelegraph)

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