MakerDAO – the team behind the decentralized algorithmic Ethereum-based DAI stablecoin – has recently held another voting round for its holders, to decide if the “stability fee” for the decentralized DAI stablecoin should be lowered.

Publicly announced via a blog post on May 17th, the vote calls for participation from its clients in the voting process, and if a majority vote for approval of the proposal, MakerDAO would decrease the fee down to 17.5%, 2% less than the current figure. MakerDAO revealed the urge for a decline in the fee was debated in a governance call on May 16th.

MakerDAO is trying to make some adjustments to the yearly stability fee, in an effort to raise the US dollar valuation of the coin, after its exchange price has stuck around the $1 mark for too long. Stability fee is the sum of money a customer needs to pay whenever DAO is involved in a loan process.

The stability fee has witnessed a raise twice in March 2019 alone – first to 3.5% and then to 7.5% per annum. In April, the fee has been pushed up again and stood at 11.5% a year. After the latest round of revision was fully accepted, the fee stôod at a total of 19.5% at the start of May.

DAI has been putting in a lot of efforts to maintain its US peg and despite the hardship it faced, MakerDAO president and COO remarked that the value of the DAI coin has been balanced at the start of May.

In April 2019, The former CTO of MakerDAO, Andy Milenius has reportedly resigned from his position at the company, as said via a letter which further stated the internal conflicts while working on a project that led to his decision.