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MakerDAO Lowers Fees as Ethereum (ETH) Shanghai Approaches

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Wed, 1/03/2023 - 16:20
MakerDAO Lowers Fees as Ethereum (ETH) Shanghai Approaches
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Veteran DeFi protocol MakerDAO dramatically lowered fees for its staking product based on RocketPool ETH (RETH) as global crypto community is getting closer to Shanghai upgrade mainnet activation.

0.5% fees, two interfaces, RocketPool ETH: MakerDAO's new solution for liquid staking

According to the official announcement shared today, March 1, 2023, by MakerDAO on its Twitter account, a new fee structure was deployed following the latest Executive Vote referendum.

New annual fee rates are set at 0.5%, which is the lowest level among all competitors of MakerDAO. Also, a more relaxed debt ceiling level was introduced: the metric was increased from 5 million DAI to 10 million DAI.

As a result, the platform now offers an attractive liquidation ratio for its RETH-A vault based on Rocket Pool ETH (RETH), one of the most popular "liquid" versions of Ether (ETH).

This type of staking is available through two frontend providers (interfaces), Oasis App and DeFi Saver. Both are popular on-chain protocols designed to manage assets in decentralized finance.

Maker (MKR), MakerDAO's cryptocurrency, is among the best performers today: the asset is changing hands at $945, being up more than 19% in the last 24 hours.

Race of liquid staking protocols accelerates

Representatives of MakerDAO are excited by the opportunities this novely unlocks for potential stakers as it employs the most advanced elements of the DeFi segment:

The cheapest $rETH borrowing product through the largest DeFi lending protocol with the most liquid decentralized stablecoin.

As covered by U.Today previously, the Shanghai upgrade is going to be activated in Ethereum (ETH) mainnet as soon as this month. It will allow ETH stakers to withdraw their coins.

Related

DeFi analysts are certain that this hotly anticipated "unlock" will trigger a liquidity flow to "liquid staking dervatives" platforms of all types. As such, LSD's narrative remains the hottest trend in the short term.

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