MakerDAO’s new proposals would pass by an overwhelming majority. Despite the improvements to the protocol, MKR’s prices fell.
MakerDAOs [MKR] the board has been very active in drawing up new proposals in recent months. The protocol has worked to improve the platform for users.
Read MakerDAO’s 2023-2024 price forecast
Old DAO, new proposals
The MIP102c2-SP2 proposal was put to the vote on 10 April. The purpose of the proposal was to change the Maker Bylaws and Scope Frameworks, which govern the operation of the Maker protocol.
The changes were described as “long-term focused” and were enacted in March.
At the time of writing, 87.32% of registered addresses have voted in favor of the proposal. The voting period runs until April 24.
If the proposed changes involve changes to the Maker bylaws, it could impact the governance structure of the platform and the decision-making processes used to manage the protocol.
Changes to the Scope Frameworks may affect the types of collateral accepted by the platform, which in turn may affect the overall stability and security of the protocol.
In addition, some parameters of the MakerDAO protocol have also been changed. These changes include Stability Costs, Target Available Debt and Cooling Cap Raise Cooling Period for various collateral types including ETH-A, ETH-B, ETH-C, WSTETH-A.
For context, stability costs are fees charged to borrowers to maintain the stability of the Maker Protocol. Target Available Debt is the maximum amount of DAI that can be spent against a cryptocurrency used as collateral, and Ceiling Increase Cooldown is the time period between successive increases of this maximum amount.
The stability fees, target available debt, and ceiling raise cooldown have all been increased for several assets in an effort to improve the state of the protocol.
A set of parameter changes for ETH, wstETH, rETH, Curve stETH-ETH LP, and WBTC vault types have been approved by Maker Governance.
View the format below: pic.twitter.com/ewPmuNmepa
— Maker (@MakerDAO) April 21, 2023
MKR holders see red
Despite improvements to the MakerDAO protocol, general interest in the MKR token continued to decline.
Moreover, data from Santiment showed that the price of MKR has fallen in recent days.
Realistic or not, here is MakerDAO’s market cap in BTC terms
In conjunction with that, the MKR token’s velocity also dropped. This meant that MKR was not traded as often as before.
In addition, the token’s network growth shrunk, suggesting a lack of interest from new addresses in MKR.
This post MakerDAO proposes new changes to the protocol, details inside
was published first on https://ambcrypto.com/makerdao-proposes-new-changes-to-the-protocol-details-inside/