title: MRK holder DAI-gest: Week 5 2020
Description: Governance Recap Week Ending January 25, 2020
Governance Recap Week Ending February 1, 2020
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DAI PEG: 1.02 USD/DAI +0.0228
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Total DAI: 107,774,568
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DAI Supply: 55,716,427
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DAI Stability Fee: 8%
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Collateral Packages: Ether (ETH), Basic Attention Token (BAT)
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DAI from ETH: 105,776,885 DAI (98.17%) +6,108,553
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ETH Debt Ceiling: 125,000,000 DAI
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DAI from BAT: 1,662,268 DAI (1.51%) +25,670
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BAT Debt Ceiling: 3,000,000 DAI
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DAI Savings Rate: 7.75% +1.75%
Started January 30, 2020 - Open for Voting
Supporting this issue will:
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Raise the Dai Stability Fee from 8% to 9%
- Note: With the current Dai Savings Rate Spread of 0.25%, the DSR will also increase to 8.75%
The Dai stability fee is part of the ecosystem that keeps the Dai soft pegged to the price of a dollar and allows prime interest rates for Dai held in savings. This is part of the roadmap in settling the global supply of SAI as it reaches end of life. It incentivizes faster repayment of CDP vaults held as SAI collateral with lower stability fees that increase over time. The goal is to achieve global settlement in six months time. Additonal measures include decresing the debt ceiling as the end of life approaches. SAI stability fees will be refunded upon global settlement. This is coming in the wake of the newly released multi-collateral DAI. SAI holders are encouraged to migrate these coins to DAI as soon as possible. For more information: https://migrate.makerdao.com/
Executed January 26, 2020 - Voting Closed
Supporting this issue will:
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[Set the DSR Spread to 0.25%]
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[Raise the DAI Stability Fee from 6% to 8%]
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[Lower the SAI Debt Ceiling by 25 million to 45 million SAI]
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[Raise the DAI ETH Debt Ceiling by 25 million to 125 million DAI]
This helps to keep the DAI peg near 1:1 with the USD as the SAI global settlement moves forward. SAI CDP migration efforts to DAI are continued and these increases support the needed liquidity. Lowering the SAI debt ceiling sooner than later supports the six month global settlement time frame goal. Additionally, the DAI ETH debt ceiling is currently around 98% of capacity. When reached, no more DAI can be minted.
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