The community vote for the proposal submitted to MakerDAO by popular cryptocurrency exchange Coinbase is nearing its end. The vast majority voted in favor of the proposal, which would generate up to $24 million in annual revenue.
Oppenheimer analyst Owen Lau wrote in a research note to clients that Coinbase Global’s (COIN) is about USDC from MakerDAO to Coinbase Prime. 1.6 billion dollars He said he would benefit significantly from the potential transfer. Maker’s 1.6 billion dollar peg Stability Module (PSM) 33% of (528 million USDC) a Coinbase Prime The offer to transfer it to a custody account was submitted by Coinbase at the beginning of September.
The community voting, which has been going on for about ten days, will end in two days. Votes cast by the community so far 88% acceptance of the offer is in favor. If the offer is accepted, the deal is thought to be profitable for both parties. However, critical interventions are planned by using this money, which is set aside in case of a crisis in liquidity pools or stablecoins.
In addition, within the scope of the offer, MakerDAO, Coinbase’s USDC It will use 1.6 billion USDC to participate in the Institutional Rewards program, after which Maker Governance will have near-instant access to print, burn and withdraw functionality on Coinbase Prime. During this process, Maker provided Coinbase. will not pay any storage and processing fees.