MakerDAO, the protocol behind the DAI Ethereum (ETH)-based stablecoin, has begun a vote in its community governance portal on whether the stability fee for DAI should be increased by another 3%. The aim is to find support for raising the value of the DAI.

However, the stability fee has already been raised twice last month alone – first to 3.5% and then to 7.5% per annum. This month, the fee has been pushed up again and now stands at 11.5% a year. If the latest round of revision is fully accepted, the fee will stand at a total of 14.5%.

Voting in support of the latest raise has reportedly cleared the initial round. What remains is a second round executive vote to ratify the increase. The fee hike will specifically make it harder for MakerDAO users to take loans and mint new DAI. This is significant because DAI has decreased in dollar valuation in the last few months due to an oversupply in circulation.

A governance call on April 18 had set out the arguments on the need for a further increase in stability fees, a video of which was uploaded to YouTube. The community, however, expressed a mixed response judging by the reaction to the announcement on Reddit of the latest vote.

One Reddit user, for example, expressed worry that constantly ramping up the fee will make the leverage system become unpredictably short-term, while another Redditor concluded that raising the fee to improve the peg is not at all effective.