MakerDAO’s Rejection to CoinShares: $500M Rejects Offer

MakerDAO, the creative community of decentralized finance (DeFi) platform and DAI stablecoin, has unanimously rejected an offer to invest in traditional investment vehicles through crypto asset manager CoinShares.

MakerDAO community to debt instruments through CoinShares 100 to 500 million USDC investment proposal refused. CoinShares gives MakerDAO an annual overnight financing rate (SOFR) It promised a variable return on it. Some of the community members stated that the reasons for rejecting the offer are in the MakerDAO treasury. risk tolerance stated that it is currently at the end of safe limits.

The voting for the answer to the proposal, which was opened on 14 November, ended on 28 November. Offer, 73.43% rejected by voting 13.84% vote of acceptance and 13.73% abstained from voting. to vote 8,093 MKR Participating as the 5th highest representative voter with Feedblack Loops LLCexplained the reason for the negative vote against the proposal. Feedblack Loops says CoinShares has made a good offer, but after a recent $1.6 billion investment deal with Coinbase Prime, the treasury needs to bounce back. not accepting new investment offers for a while He said he thought it should.

CoinShares offer averages in a currency of MakerDAO’s choice 100 to 500 million dollars It promised a variable return above the quarterly overnight financing interest for the investment of its value. If MakerDAO accepts this offer 500 million dollars annual minimum for investment worth 15 million dollars would earn a profit.

MakerDAO’s asset manager Sebastian Derivaux He told CoinDesk that he had many offers to consider, but only several billion dollars reported that they have capital.

On the other hand, CoinShares states that the main reason for the rejection of the proposal is the prevailing in the crypto money market after the FTX bankruptcy. of turmoil stated that. The company also reported that it plans to improve the offer and resubmit it in the coming months.

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