With nearly 87% of the total delegates backing the U.S. bank’s proposal to borrow up to a $100 million DAI loan, the MakerDAO community has voted to add Huntingdon Valley Bank (HVB) as a new vault type in the Maker Protocol.
This represents a further development in MakerDAO’s recently announced goal to include actual assets into the DeFi ecosystem.
The Crypto Times had published an update on the DAO raising proposal, according to which the bank will be permitted to borrow up to $100 million, with a debt ceiling of $1 billion over the following 12 months.
According to the proposal, the loaned DAI will provide a 3% net yield to the MBPTrust (MakerDAO Bank Participation Trust).
Delegates approved the proposal with a majority vote, but there were reservations about MakerDAO’s potential collaboration with traditional, centralized organizations.
Chris Blec, an official MakerDAO delegate, stated the following objections and spoke out against the action, “There is an existential risk that any of these third party deals pose to MakerDAO in the context of today’s regulatory climate.
What if a regulator forces this bank to freeze everything, sever ties with the DAO and take all the money?”