What Happened on June. 2nd | MakerDAO Invests in U.S. Treasuries and Raising DAI Saving Rate

US Treasuries rates are considered risk free rates in the financial market. After a year of raising interest rates, the 1-year US treasury rate is now over 5%, a much higher yield than what you can find in DeFi, where USDC and USDT supply rates are merely 2-3%.

MakerDAO Approves Purchase Additional $1.28 Billion in U.S. Government Bonds. MakerDAO has already made notable investments in government and corporate bonds, with a total value of $1.1 billion, the new move will make the total amount investing in bonds over $2.38 billion, 27% of total value locked in MakerDAO protocol.

MakerDAO to Vote Raising Dai Saving Rate to 3.33%. The Dai Savings Rate (DSR) is a feature of the Maker Protocol that allows users to earn interest on their DAI by locking it into a DSR contract. The proposal was approved on Thursday. As the current USDC and USDT supply yields on major lending protocol are at around 2.5%, DAI will become a lot more attractive to hold than other stablecoins.

Biggest Gainers & Losers

Headlines

Uniswap's Proposal to Introduce Protocol Fees Fails to Gain Enough Votes: The proposal narrowly missed being passed with 45.32% of votes going to the “no fee” camp and 42.34% voting to charge liquidity providers one-fifth of the fees they receive from users. Another 12.3% voted to enact a fee charge of one-tenth.

MakerDAO Approves Purchase Additional $1.28 Billion in U.S. Government Bonds

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