Coinbase Institutional proposed to MakerDAO to transfer 1.1 billion USDC from PSM to Coinbase Custody to earn yields

2022-10-22 10:36:12

Collection

ChainCatcher news, Coinbase Institutional has submitted a proposal regarding the Coinbase USDC institutional rewards to MakerDAO, which is currently in the governance opinion voting phase. The proposal suggests registering an account representing MakerDAO on Coinbase Prime and transferring 33% of the PSM's USDC (approximately 1.6 billion USDC) into custody to earn USDC rewards through Coinbase. Currently, 33% of the PSM's USDC is about 1.1 billion USDC. According to the reward plan proposed in MIP81, the implementation of this proposal will bring approximately $15 million in annual revenue to MakerDAO.

It is reported that the MIP81 proposal was initially submitted in early September, and the opinion voting will end on October 25 at 00:00, with a current approval rate of 88.33%. (source link)

Related tags

Coinbase MakerDAO PSM proposal

ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.