The original vote for Maker (MKR) token holders was announced on the organization’s blog on May 17, with a proposal to decrease the stability fee by 2% to 17.5% per year. According to the announcement, the need to decrease the fee was discussed during the MakerDAO governance call that took place on May 16.
However, the proposal originally failed, as it did not get the number of votes required to reach its quorum.
After that, according to the blog post, “the Maker Foundation Interim Risk Team has placed an Executive Vote into the voting system” to allow for a lower fee to be set. The page dedicated to both the votes provides the same reason for the proposal:
“[DAI] exchange price hovers above $1.”
MakerDAO uses changes to the yearly stability fee as a way to improve the token’s peg to the United States dollar, after its exchange price had been hovering above the $1 level. The stability fee is a charge levied by Maker participants when Dai is used for loans.
As Cointelegraph reported at the end of April, DAI has been previously struggling to maintain its peg. MakerDAO’s president and chief operating officer, however, claimed that DAI’s value had been stabilized as of the beginning of May.