Lending protocol Aave (AAVE) announced on Tuesday a new governance proposal by the Aave-Chan initiative, a delegate and service provider for the protocol, to address problems related to MarkerDAO’s Direct Deposit Module (D3M).
price is down nearly 12% on the day of the announcement of a new governance proposal that addresses MakerDAO’s D3M program. A significant increase in the credit line for stablecoin DAI raises concerns regarding its use as collateral. The proposal calls for risk mitigation, allowing users to switch to other stablecoins like USDC or USDT as collateral.
protocol could suffer negative effects of excessive minting of DAI A new proposal on points out that the recent governance decisions by MakerDAO are “reckless” and could negatively impact the protocol. MakerDAO’s D3M program has resulted in a significant increase in the credit line for DAI, which has grown from zero to a predicted 600 million DAI within less than a month.
. Therefore, the proposal suggest some risk mitigation measures without significantly negatively impacting the user base by offering users the ability to switch to stablecoins like USDC and USDT as collateral. trades at $114.03 on Binance, down nearly 12% on the day, likely triggered by Bitcoin’s sharp correction early on Tuesday and traders’ reaction to the proposal.
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