MakerDAO Community Rejects Cogent’s $100 Million Borrowing Proposal
According to the report, according to the governance website of the MakerDAO agreement, the MakerDAO community rejected the proposal of the United States Cogen…
According to the report, according to the governance website of the MakerDAO agreement, the MakerDAO community rejected the proposal of the United States Cogent to borrow $100 million from it, and about 73% of voters rejected the plan. Cogent Bank is a state chartered bank headquartered in Florida with total assets of more than US $1 billion. The company proposes to borrow up to US $100 million of DAI stable currency from Maker and will use the funds to provide loans to its corporate and industrial customers.
MakerDAO community rejected the proposal to provide $100 million loan to Cogent Bank
Interpretation of the news:
The MakerDAO governance website has reported that the majority of the community members have rejected the proposal of Cogent Bank to borrow $100 million in DAI stable currency. Cogent Bank, a Florida-based state-chartered bank with over $1 billion in total assets, had proposed to borrow the funds from Maker and use them to provide loans to its corporate and industrial customers. However, about 73% of the voters rejected the plan, thereby denying the bank access to Maker’s loan facilities.
This development reveals the conservative nature of the MakerDAO community towards its protocols, as it tends to be very selective in approving proposed changes or lending proposals. The community members base their decisions on the transparency and overall impact of any proposal on the growth and stability of the MakerDAO ecosystem. The fact that Cogent’s proposal was rejected indicates that it did not fully meet the criteria and expectations of the community.
Furthermore, this decision also highlights the importance of stable currencies in the lending industry. Stable currencies like DAI are backed by collaterals and have stable values, which make them suitable for lending and borrowing purposes in a volatile market. Cogent’s idea was to leverage Maker’s stable currency ecosystem to provide more loans to its customers, but the community members were wary of any potential risk that the bank’s borrowers could pose to the stability of the MakerDAO ecosystem. Therefore, they opted to play safe by rejecting the borrowing proposal.
In conclusion, MakerDAO remains a community-driven platform that values transparency, security, and stability above all else. The MakerDAO community members are committed to ensuring that the platform operates within safe parameters and adheres to the highest governance standards. While Cogent’s borrowing proposal may have seemed attractive at first glance, the community members chose to prioritize the integrity and stability of the MakerDAO system over immediate profits. This decision has once again demonstrated the power and importance of a decentralized, community-driven platform in promoting ethical governance and minimizing risks in the financial industry.
This article and pictures are from the Internet and do not represent Fpips's position. If you infringe, please contact us to delete:https://www.fpips.com/3763/
It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.
Recommended articles
-
Blockchain Academy and Alibaba Cloud Form Strategic Partnership for Web 3.0 Education
According to official Twitter, the Blockchain Academy and Alibaba Cloud officially reached a strategic partnership and signed the MOU on March 17. The cooperation between the two s
-
The Graph and Banxa Integration: A Gateway to Easy Access to Blockchain Data
According to reports, the decentralized infrastructure protocol The Graph cooperates with the web3 legal currency to cryptocurrency gateway Banxa, enabling users to use currency ra
-
What can GreenGiant recycle (Does GreenGiant Recycling require payment)?
What can GreenGiant recycle? What can GreenGiant recycle? It can use renewable
-
Ethereum Developers Prepare for Launch of Shapella Upgrade
It is reported that Ethereum developers are preparing to launch the much-anticipated Shanghai-Capilla or Shapella upgrade on the Goerli test network later today. This is the final rehearsal before the launch of the main network in April. The developer said in a blog post of the Ethereum Foundation that the upgrade will be triggered in the era 162304 of Goerli, which is estimated to occur at about 6:25 p.m. EDT. After testing and upgrading on Goerli, if the test is successful, they plan to deploy it to the main network next month. Ethereum developers are ready to release the Shapella upgrade on the Goerli test website Analysis based on this information: Ethereum developers have announced that they are on the verge of launching the long-awaited Shapella upgrade on the Goerli test network. This is seen as the final attempt before launching the upgrade on the main network in April. In a blog post, the Ethereum Foundation said that the upgrade…
-
Nitro Badge NFT holders gain early access to NitroSwap
On February 25, the Nitro Labs team announced that Nitro Badge NFT holders can now access the AMM DEX NitroSwap built on the Nitro test network in advance. Nit…
-
Braavos Multi-Signer: StarkNet’s Latest Development Towards Enhanced Security
On February 21, it was reported that the StarkNet ecological self-hosted wallet Braavos has been testing the online line Braavos Multi-Signer, which allows the…
-
NFT Series Friendses Resumes its Twitter Account
On February 22, the NFT series Friendses resumed their Twitter account and said that they had not abandoned the project, but deleted Twitter to \”suspend social…
-
Paxos assures protection of customer funds through banking partnerships
It is reported that Paxos, the issuer of the US dollar stable currency BUSD, released a statement to Silvergate Bank on social media. Paxos said that it had no…
-
CryptoPunk #3990 Sold for 238ETH: What Does it Signal for the Crypto Market?
According to reports, data shows that CryptoPunk # 3990 was sold at a price of 238ETH.
CryptoPunk # 3990 was sold at 238ETH
The crypto market is always abuzz with activity, thanks -
Ethereum Withdrawals on Beacon Chain: Majority Occur on Centralized Exchanges
On April 30th, according to data compiled by 21Shares Research, approximately 90% of pledged Ethereum withdrawals on the beacon chain occur on centralized exchanges (Kraken, Binanc
-
Cryptocurrency Scams: Protecting the Elderly in Ohio
On April 8th, the Ohio Narcotics Intelligence Center (ONIC) and Ohio Department of Aging issued a press release on Friday, warning local residents that cryptocurrency scams targeti
-
Why can Bitcoin be fried so high
Why can Bitcoin be fried so high? According to CCN, why can Bitcoin be fried so high. According to CoinMarketCap data, as of June 2, 2018, BTC has increased by 11.7% in the past 24 hours, while XRP has decreased by 13.6%. At the same time, Bitcoin has also experienced a strong pullback, falling from its high of $9850 in early March to its current low around $8850 Although many people do not understand how Bitcoin operates, trades, and is a means of hedging against currency depreciation risks, in reality, Bitcoin has been recognized and accepted by some people. For example, some people praise it as a “digital gold”, because its price is much higher than it is now, so it has produced a very large foam, and because of its high volatility, it is difficult to judge whether it is true or false. Bitcoin is such a thing, and the reason why it has risen to such a high…
-
Bybit and Talos Form Dynamic Partnership to Simplify Institutional Access to Cryptocurrency Market
On March 2, the encryption exchange Bybit announced the establishment of a dynamic partnership with institutional digital asset trading technology provider Tal…
-
The Impact of Long Liquidations on the Cryptocurrency Market
On April 24th, according to The Block data, approximately $650 million in long positions in the cryptocurrency market have been liquidated since April 17th. Most of the trading vol
-
The Ripple Effect of Fed Rate Increase
21:00-7:00 Key words: Fed rate increase, Chain, Conflux, BLUR
Overview of important developments overnight on February 21
Interpretation of the ne…
-
Why Cryptocurrency (why Cryptocurrency goes up and down at the same time)
Why is Cryptocurrency immutable according to bitcoin? We know that Bitcoin is a peer-to-peer (unmanaged) payment method. The blockchain technology provides a new transaction mode – “decentralized network”, enabling anyone to conduct transactions and Exchange value without affecting security So, why do some people believe that digital assets can be a choice for the financial system? This is exactly a question that people need to consider: why Cryptocurrency is so popular. 1. It is not separable and cannot be replicated. 2. It is designed to adapt to different use cases. 3. It is secure, cost-effective, and easy to understand. 4. It is an open source tool, but due to its creativity, it is very easy to implement. 5. It is not difficult to use. 6. There are no other factors that pose risks to it. 7. It is easy to forge and easy to access. 8. It is simple but also difficult to expand. 9 It does not need anyone…