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MakerDAO community votes against CoinShares’ $500M investment proposal

Published 11/28/2022, 03:00 PM
Updated 11/28/2022, 04:40 PM
MakerDAO community votes against CoinShares’ $500M investment proposal

Decentralized lending protocol MakerDAO has voted against crypto investment firm CoinShares’ proposal to invest between $100 million and $500 million worth of the community’s funds into a portfolio of corporate debt securities and government-backed bonds for yield as an investment strategy.

Ultimately, 72.43% of the votes went against the proposal. Had the community voted in favor, CoinShares would have provided “a variable APY above the SOFR interest rate (3.01% as of October 26, 2022) in the community’s preferred currency (DAI, USDC, USD…) to MakerDAO, which would have been withdrawable on-chain.

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