BlocksInform
The MakerDAO community rebuffed state-chartered Cogent Bank’s proposal to borrow $100 million from the decentralized lending platform Maker, the protocol’s governance site showed on Monday.
Seventy-three per cent of the electorate rejected the plan.
MakerDAO is a decentralized autonomous organization that manages the lending platform Maker through proposals and votes. The manufacturer emits the 5 billion dollars stablecoin dai, secured by digital assets guaranteed by borrowers and, increasingly, by real assets (rwa) like the liabilities of traditional financial institutions like banks.
$23,342.79
$1,633.95
BNB$302.15
XRP$0.37573534
$12.55Cogent Bank, a Florida-based, state-chartered bank with more than $1 billion in total assets, proposed borrowing up to $100 million in DAI stablecoin from Maker and would have used the funds to extend loans to its corporate and industrial clients, according to the MIP-95 proposal posted on Maker’s governance forum.
The rejection follows less than a year after Maker approved a similarly structured loan to Huntingdon Valley Bank in August, and represents a blowback to Maker’s aspiration to onboard more traditional players to its platform.
Before the vote concluded, MakerDAO voter London Business School Blockchain, noted concerns that unlike "prior real-world asset deals, there is no way to quickly liquidate the loan portfolio should Maker wish to reduce its exposure to the underlying assets.” Despite all this, London Business School Blockchain voted in favour.
Read more: MakerDAO The members are in favour of the founder's 'Endgame'. Up to MetaDAOs, 2.1 billion dollars of transfers.
$23,342.79
$1,633.95
BNB$302.15
XRP$0.37573534
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