MakerDAO buyback begins, repurchasing approximately $5000 worth of MKR every 27 minutes on average.
2023-07-19 06:37
Odaily News: The MakerDAO Smart Burn Engine has been activated, with a current treasury surplus of $69.6 million, out of which over $50 million (approximately $19.6 million) will be used to repurchase MKR and add it to Uniswap V2 as LP. On-chain data shows that repurchases are currently being executed approximately every 27 minutes, with an average repurchase amount of around $5,000.
Previously, on July 17th, the MakerDAO community voted in favor of the "Introduction to the Smart Burn Engine and Initial Parameters" proposal, which will be executed after 3:44 am on July 19th, 2023 Beijing time.
The Smart Burn Engine is a new type of smart contract system designed to distribute surplus Dai from the Surplus Buffer, which Maker did not use as an emergency reserve. Unlike previous burn designs, MKR tokens will accumulate in the form of Uniswap V2 LP tokens instead of being acquired and burned. According to the proposal, the Dai Savings Rate (DSR) will also decrease from 3.49% to 3.19% (a reduction of 0.30%). The liquidation ratio (mat) and stability fees for each pool will also be reduced and waived accordingly.
Previously, on July 17th, the MakerDAO community voted in favor of the "Introduction to the Smart Burn Engine and Initial Parameters" proposal, which will be executed after 3:44 am on July 19th, 2023 Beijing time.
The Smart Burn Engine is a new type of smart contract system designed to distribute surplus Dai from the Surplus Buffer, which Maker did not use as an emergency reserve. Unlike previous burn designs, MKR tokens will accumulate in the form of Uniswap V2 LP tokens instead of being acquired and burned. According to the proposal, the Dai Savings Rate (DSR) will also decrease from 3.49% to 3.19% (a reduction of 0.30%). The liquidation ratio (mat) and stability fees for each pool will also be reduced and waived accordingly.
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