Author: Nancy, PANews

In response to the significant decrease in the stablecoin DAI, MakerDAO has recently implemented a series of fee adjustments, including raising the DAI Savings Rate (DSR) to 15% and increasing the stability fee for multiple core vaults from over 8% to 10%. With the formal implementation of this proposal, what impact will it have on MakerDAO?

In recent times, the supply of the stablecoin DAI has seen a significant decrease. Maker Burn data shows that as of March 11, the total supply of DAI had dropped to $4.5 billion, marking the lowest level since August last year. In a proposal initiated by the core development team of MakerDAO, BA Labs pointed out that while the stablecoin reserves used to maintain liquidity and the reserves deployed to RWA are sufficient to withstand the pressure generated by potential bullish market sentiment, the issue lies in the inherent liquidity crunch of stablecoins deployed through RWA.

According to Dune data, Maker's investment in the RWA sector has exceeded $1.77 billion. However, due to the nature of RWA products, there are certain limitations on the daily redemption of collateralized crypto assets, which could lead to a continuous decrease in DAI supply or trigger liquidity crunch risks. Meanwhile, MakerEndgame data shows that the stablecoin reserves for the PSM (Peg Stability Module) designed for DAI liquidity have also decreased to over $790 million.

To address the potential excessive DAI demand shock caused by further market fluctuations and bullish sentiment, BA Labs proposed fee adjustments, which were approved through voting on the same day and officially implemented in the early hours of March 11. According to the proposal, key changes include raising the DAI savings rate from the original 5% to 15% and implementing stability fee adjustments for its core vaults, with an expected increase of around 9-10%.

In addition to approving the increase in stability fees for collateral assets such as ETH, WSTET, and WBTC to 15% to 17.25%, the DAI savings rate has also been raised from the original 5% to 15%, making holding DAI more attractive, thereby boosting demand and alleviating downward price pressure. At the same time, MakerDAO has also made adjustments in the PSM, reducing the debt ceiling increase period from 24 hours to 12 hours, increasing the throughput of USDC deposits and DAI minting; the GSM pause delay has been reduced from 48 hours to 16 hours to facilitate faster implementation of future adjustments. Additionally, Spark Lend, the lending market in the Maker ecosystem, has implemented related changes, raising the borrowing annual interest rate for DAI from 6.7% to 16%.

With the approval of the new rate proposal, Maker Burn data shows that in the past 24 hours, Maker's estimated annual profit has increased by 81.8% to $182 million, annual fee income has increased by 97.2% to $437 million, and the PE estimate has decreased from 22.36 to 13.4.

Furthermore, influenced by this, CoinGecko data shows that in the past 24 hours, the Maker token MKR has risen by over 33.2%. It is worth mentioning that in addition to boosting the token price through fee adjustments, this month, the founder of MakerDAO, Rune Christensen, has been continuously selling tokens such as LDO and SHIB worth tens of thousands or even millions of dollars, and has continued to accumulate over 1900 MKR tokens, currently valued at over $5.14 million.

However, many industry practitioners have expressed different views on this proposal. For example, Mindao, the founder of dForce, pointed out that the current funding rate has been consistently high, and stablecoins have been continuously draining profits through arbitrage. If the minting volume cannot be stabilized, the protocol's earnings are actually very fragile.

"Since the income in the DSR system is 5% of the U.S. Treasury bonds, if too much USDC flows in and takes away 15% interest, equivalent to subsidizing 10%, then the protocol's income will decrease. Currently, the RWA portion accounts for 25%, which is at cost, and attention should be paid to changes in this portion." Super Jun, the host of the Bense Community, cautioned.

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