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Cryptoknowmics
2023-01-23 19:23:49

MakerDAO Agrees to Deploy $100M USDC on DeFi Protocol Yearn Finance

MakerDAO Agrees to Deploy $100M USDC on DeFi Protocol Yearn Finance

MakerDAO has approved a proposal to deploy up to $100 million in USD coin from its reserve on DeFi protocol Yearn Finance, where the deposited stablecoin will earn a yield. Maker will open an individual non-custodial vault on Yearn with a ceiling set at $100 million to deposit USDC from its “peg stability module,” or PSM, which backs the value of Maker’s decentralized stablecoin DAI. What Does MakerDAO Stand to Gain from the Deployment on Yearn Finance? According to the proposal submitted at the end of November, MakerDAO is predicted to earn a 2% annual yield with the strategy. Around 72% of voters favored The post MakerDAO Agrees to Deploy $100M USDC on DeFi Protocol Yearn Finance appeared first on Cryptoknowmics-Crypto News and Media Platform .

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