Polygon's '13 billion stablecoin income' proposal was rejected by the community

2024-12-18 11:23:55

BlockBeats news, on December 18th, according to the relevant page, Polygon community members rejected a preliminary proposal (or pre-PIP) that suggested deploying over $1 billion in stablecoin reserves to generate yield. The proposal, put forth by Web3 risk provider Allez Labs in collaboration with Decentralized Finance protocol Morpho and Yearn, aims to leverage around $1.3 billion in DAI, USDC, and USDT reserves in the PoS Chain bridge to earn yield. Polygon stated that community members expressed concerns about security issues and the lack of choice for affected users to opt-in, raising doubts about the feasibility of the proposal. Given the community’s reservations, the proposal seems unlikely to pass, but this does not hinder Polygon from exploring innovative and even bold ideas in the future.

PIP-1.83%

DEFI1.13%

MORPHO2.22%

DAI-0.12%

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