MakerDAO cuts off its AAVE-DAI direct deposit module

06/19 01:08

According to CoinDesk, MakerDAO, builder of decentralized, collateralized stablecoin DAI, has turned off the DAI Direct Deposit Module (D3M) as of June 17 21:04 UTC, following the passage of a governance vote on June 15. D3M was created in cooperation with the Aave team and introduced in April 2021. According to Sam from the MakerDAO smart contracts team (@hexonaut), the module allows the Maker protocol “to enforce a maximum variable borrow rate for the DAI market on Aave.” The Maker Protocol has now set its maximum borrow rate to 0 temporarily. With a borrow rate of 0, the Aave D3M module is turned off and will not mint fresh DAI into Aave’s lending market.
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