Executive Vote to Raise the Stability Fee to 7.5%

March 22, 2019

The Maker Foundation Interim Risk Team will place an Executive Vote proposal into the voting system to enact a new Dai Stability Fee of 7.5%.

The Executive Vote (FAQ) will begin on Friday, March 22nd at 5 pm UTC and will continue until the number of votes surpasses the previous Executive Vote total. This will be a continuous approval vote.


The increase to the Stability Fee was discussed in the Governance call on Thursday, March 21, and ratified by the community in a formal Governance Poll. Please review the Video, Audio, Transcript, and the online discussion to inform your position prior to voting.

Key factors under consideration for increasing the Stability Fee are:

  • Exchange price persists below $1
  • High inventory levels among market makers and prop desks
  • No attributable impact from the previous Stability Fee increases


An examination of the available data strongly suggests a Stability Fee increase is warranted. The exchange price of Dai across several major exchanges has been consistently hovering in the $0.96 to $0.99 range for two months. Decentralized exchanges with sufficient volume/liquidity also confirm the same discrepancy.

Below is an average price chart of the Dai trade history.

Informal discussions with several large Dai market makers have suggested that inventory levels have run high, and balance sheet capacity has diminished. Informal polling through various community channels has also shown strong support for an increase.


Additional information about the Governance process can be found in the Governance Risk Framework: Governing MakerDAO

Demos, help and instructional material for the Governance Dashboard can be found at Awesome MakerDAO.

To participate in future Governance calls, please join us every Thursday at 17:00 UTC.

To add current and upcoming votes to your calendar please see the MakerDAO Public Events Calendar.

March 22, 2019