- The MakerDAO community votes to decide whether to hold GUSD in its reserve.
- Gemini’s recent troubles prompted this vote to judge its stablecoin.
- The latest voting stats indicate that MakerDAO will hold about $500 million in reserves.
The MakerDAO community is voting to decide whether to hold the Gemini stablecoin GUSD in reserve. Voting is rather important to Gemini as the exchange navigates through persistent crypto infections. The outcome of this governance vote will play a major role in restoring public confidence in the cryptocurrency exchange.
MakerDAO currently has approximately $500 million in GUSD in reserve. The DAO earns a marketing incentive of 1.5% for maintaining at least $100 million in reserve. With a current DeFi lender exposure of $489 million, annual revenue from Gemini comes to about $7.3 million.
The proposal includes three outcomes of the Gemini stablecoin. The first is to keep the full reserve of nearly 500 million US dollars. The second is to reduce the exposure to 100 million. The third and riskier option is to completely remove GUSD from MakerDAO reserves.
The latest voting stats indicate that MakerDAO will maintain exposure to half a billion Gemini stablecoins. According to t…
The post that MakerDAO is set to hold $500 million in reserve appeared for the first time in the coin issuance.