The MakerDAO DeFi platform community approved the creation of a vault with a $100 million DAI limit for the Huntingdon Valley Bank, founded in 1891 in the United States.
Voting cycle has ended.
117,540 MKR voted YES (87.24% of all voting power used).
MKR holders have approved the addition of HVBank, a 100 million DAI debt ceiling participation facility proposed by the Huntingdon Valley Bank, as a new collateral type in the Maker Protocol. pic.twitter.com/HWqisl9xfi
— Maker (@MakerDAO) July 7, 2022
Huntingdon Valley Bank will be able to borrow stablecoins after off-balance-sheet loans are posted as collateral.
Over the next 12 months, the bank’s borrowing cap could be raised to $1 billion. The funds will be used by Huntingdon Valley Bank to support lending operations.
MakerDAO could earn a 3% annual yield. The Delaware-based trust company MakerDAO Bank Participation Trust will manage the bank’s loan assets on behalf of the DeFi protocol.
The decision was approved by 117,540 MKR holders (87.24% of those who participated in the vote).
«The HVB [Huntingdon Valley Bank] proposal improves MakerDAO’s balance sheet and reputation. Financially, Maker offers a ready-made, diversified, and wholesale solution for earning yields from real-world assets (uncorrelated with crypto),» — said The Block Hugh Ragsdale, MakerDAO’s head of real-world assets.
According to a member of the ACRE Invest community, the initiative could lead to к «открытию шлюзов» for other use cases beyond traditional finance.
The DeFi Watch founder Chris Black, who voted against the proposal, expressed concerns that the partnership with Huntingdon Valley Bank could expose the bank to regulatory issues.
Earlier, the MakerDAO community approved the allocation of reserve 500 million DAI into bonds.
Earlier, the protocol paused Aave-related lending operations.
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