MakerDAO’s decentralized autonomous organization (DAO) community has refused to invest in debt securities and government bonds.

MakerDAO community members voted against CoinShares’ proposal to invest the organization’s $100 million to $500 million in a portfolio of corporate debt securities and government bonds to generate income.

According to the vote, 72.43% opposed the proposal. CoinShares had planned to give MakerDAO an annual percentage yield (APY) above the standard interest rate (3.01%) in the digital currency the organization would have specified. However, the community was opposed to the proposal.

Some voting members explained why they made this choice.

“MarkerDAO recently voted for the excess USDC available at the time. That’s why we rejected such a proposal – we need to get our affairs in order. Plus, there were a lot of inconsistencies in the CoinShares proposal. Nevertheless, we appreciated the work done by the company’s experts in drafting the proposal and explaining its complicated parts,” said one DAO Feedback Loops participant.

Other participants also found the proposal too risky, as MarkerDAO is now tackling other challenges.

SushiSwap previously heeded the advice of Fenwick & West, and split the business Into three independent legal entities – DAO Foundation, Panama Foundation and Panama Corporation.

https://altcoin.ng/makerdao-voted-against-coinshares-500-million-investment-proposal/