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MakerDAO Introduces Enhanced DAI Savings Rate To Boost Demand for Stablecoin

MakerDAO, a major DeFi lending protocol, has voted to introduce the Enhanced DAI Savings Rate (EDSR) to boost demand for its $4.6 billion DAI stablecoin. The EDSR could increase the interest rate for DAI holders to as high as 8%.

MakerDAO has seen a 33% decrease in the circulation of its dollar-pegged stablecoin over the past year, and the broader stablecoin market has also declined. The protocol aims to generate sustainable growth in new demand and capital inflows by offering a more fair amount of value to Dai holders through the EDSR.

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