A few days ago, MakerDAO adjusted the savings interest rate of $DAI to 8%. Today, the founder of MakerDAO proposed to lower the $DAI savings rate to 5% and expand the utilization range.
Just two days after raising the savings interest rate, MakerDAO proposed to lower the rate, as the 8% rate was actually a one-time "promotion." In discussing the increase in DSR interest rates, founder Rune explained: Enhanced Dai Savings Rate (EDSR), which is a temporary increase in the effective DSR that users can use in the early guidance stage when the DSR utilization rate is low.
EDSR will be determined based on the DSR and DSR utilization rate, and will gradually decrease as the utilization rate increases, eventually disappearing when the utilization rate is high enough. When more DAI is deposited into the DSR, the interest rate will decrease unilaterally and cannot be increased again. According to the original utilization range in the figure below, if the utilization rate is greater than 20%, the DAI savings rate will start to decrease.
Founder Rune Christensen stated that within 48 hours of the launch of EDSR, the Dai supply increased by nearly 500 million, and the DSR (deposit interest rate) utilization rate has almost reached the 20% threshold. It is evident that there is a huge demand in the market for well-known stablecoins offering high interest rates. If the 8% rate is maintained, the utilization rate may exceed 35% in the short term. Therefore, Rune proposed to uniformly use a 5% savings rate in the 0%-40% utilization range, allowing a larger user base to obtain a relatively high DAI savings rate.
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