Vote ended on November 28, with about 72% number of votes disagree with the investment proposal. Accordingly, CoinShare recommends an investment of 100 – 500 million VND USDC with a yield of SOFR 3.8% (secured overnight rate).
CoinShares cited the recent market turmoil to explain MakerDAO's rejection:
“Several MakerDAO delegates recently shared with us that they did not want to vote on the investment proposal and other Peg Stability Module management proposals due to market conditions, including the collapse of FTX and Genesis' insolvency. MakerDAO wants to see market stability before making further decisions.”
The decision to refuse was made when MakerDAO was in the process of investing billions of dollars from the reserve fund to optimize revenue from interest. Last month, the community approved a plan to move $1.6 billion in custody to Coinbase Prime, receive an annual return of 1.5%. In addition, hedge fund Appaloosa and brokerage firm Monetalis also received an investment of 500 million USD for the service of providing loans. crypto, expect an annual return of 4.5-6%.
In September, custodial services and exchanges cryptocurrency Gemini has granted MakerDAO an annual reward of 1,25% for staking GUSD (stablecoins of Gemini) on the platform. MakerDAO currently holds nearly 500 million GUSD.