DAI Ceiling of 100 Million Outstanding Tokens Hit, Executive Vote to Raise Limit on November 8 | BTCMANAGER
Bitcoin, Blockchain & Cryptocurrency News
In another huge development for Maker Protocol and open finance, DAI has hit its 100 million ceiling, and the community is going in for an executive vote on November 8. The vote to raise the ceiling is expected to be approved unanimously as DAI becomes an integral part of the open finance stack, November 7, 2019.
Smashing Through the Roof
In July 2018, MakerDAO held an executive vote to raise the debt ceiling from 50 million to 100 million. A little less than a year and a half later, the ceiling has once again been smashed and MKR holders will convene to vote on whether the ceiling should be raised or not.
Dai debt ceiling has been hit! Demand for Dai and Dai leverage is exploding! 100M Dai supply. Executive vote to increase the debt ceiling on Friday. https://t.co/QBY6piCbiJ
— Cyrus Younessi (@cyounessi1) November 6, 2019
DAI is second to USDC in terms of DeFi adoption, but its adoption growth is miles ahead of any other stablecoin on the stack. DAI is the only truly permissionless stablecoin that exists with such massive reach and usage.
Maker utilizes executive votes to influence on-chain governance in a distributed manner. Nobody knows who holds how much, but there are known whales who take part in the process and have enough to influence the vote in a particular direction.