USDC one.six billion will be transferred from MakerDAO into lucrative custody on Coinbase Prime, with an yearly return of one.five%.
According to the voting outcomes, the MakerDAO local community unanimously supported the proposal to transfer USDC one.six billion to Coinbase Prime custody and obtain regular monthly rewards.
Coinbase Institutional Rewards (MIP81) was accredited by Maker Governance as a result of a ratification survey.
This achievement makes it possible for the Core Units to start off onboarding 33% of PSM’s USDA in @Coinbaseinstitutional rewards system.
🧵 ↓
initially/ pic.twitter.com/aOMdGev1QG
– Maker (@MakerDAO) October 24, 2022
In individual, USAakerDAO will use one.six billion USDC from the treasury participating in Coinbase’s institutional rewards system, getting entry to close to-quick (<6 min) minting, burning, payment and withdrawal functions on Coinbase Prime. In return, Coinbase is responsible for calculating the monthly reward and paying it on the fifth business day. Maker does not pay custody fees to Coinbase.
Jennifer Senhaji, Head of Business Development at MakerDAO, said in a statement:
“This proposed partnership with Coinbase (COIN) has been approved by the MakerDAO community, which is in line with Maker’s intention to invest collateral in short-term bonds.”
In the moment in which Coinlive first reported the aforementioned news88% of the votes were in favor of the Maker MIP81 proposal on the same nod from the a16z investment fund.
Furthermore, a offer Another group was also approved with 68.75% of the vote, agreeing to transfer another 500 million USDC to a consortium that includes hedge fund Appaloosa and crypto broker Monetalis, which it will lend to Coinbase. The loan is secured in Bitcoin (BTC) and Ethereum (ETH) with an expected annual return of 4.5% to 6%.
At the same time, the MakerDAO founder’s ambitious plan to decompose the protocol into MetaDAO has been completed. For more details, read the following article.
Currently, Maker hold $ 8.6 billion in assets in its treasure to support DAI. More than half of them are USDC, stablecoin issued by Circle. This skewed distribution brought a lot of criticism to Maker, especially after Tornado Cash was banned from the United States.
Over time, MakerDAO has continuously released many urgent governance proposals for the upcoming project development. In addition to allocating $ 1.6 billion to Coinbase Prime, this DeFi protocol has also decided to accumulate more stETH and invest $ 500 million in short-term bills and IG corporate bonds.To diversify assets and reduce dependence on the USDC.
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