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28 May 2020

MakerDAO Proposes New DAI Ceiling After Hitting $100 Million Cap

MakerDAO Proposes New DAI Ceiling After Hitting $100 Million Cap


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The MakerDAO loan system, administered by the Maker Foundation, hit its debt ceiling Wednesday with roughly $100 million worth of the stablecoin DAI issued and more than $339 million worth of ethereum locked up as collateral.

On Thursday, the Maker Foundation proposed a new debt ceiling of 120 million DAI, which will now be voted on by holders of MKR governance tokens.

As of November, there are at least five loans exceeding that amount, including two loans over $8 million each.

Michael McDonald, creator of DAI analytics site mkr.tools, said in July that raising the debt ceiling might require a higher “stability fee,” the interest rate users must pay when they close out their DAI loans.

However, Thursday’s MakerDAO Foundation proposal to boost the debt ceiling to 120 million DAI also put a 5 percent stability fee back up for a vote.

Becker said there will be ample materials instructing users on how to transfer their loans from the current system to the multi-collateral system later this month.

“Like any migration, you’ll have a dual system running until some time has passed,” Becker said, adding it’s not yet clear what will happen to loans that haven’t moved over by this time next year

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