Gemini has proposed on the MakerDAO forum to increase the uptake of the Gemini dollar (GUSD) stablecoin in the latter’s ecosystem by providing a set dividend on the GUSD balance in MakerDAO’s vaults. GUSD in MakerDAO PSM Tyler Winklevoss, the co-founder of Gemini, presented the plan on Thursday and included a three-month marketing incentives schedule. Dune Analytics dashboard states that the initiative intends to boost the quantity of the Gemini dollar sum in the MakerDAO PSM (Peg Stability Module), which is now at approximately $24 million. By exchanging any MakerDAO-accepted collateral, users can mint DAI using the peg stability module. The PSM helps preserve DAI’s peg to the dollar. The plan indicates that Gemini would pay a fixed interest annually of 1.25% on the whole amount of Gemini dollar maintained in the PSM vault as part of the program. The annual fixed charge would be assessed and charged monthly. The average GUSD value in the vault must be over $100 million on the last day of the month for the payment to be executed. Users are depositing GUSD to mint DAI, as evidenced by the GUSD volume in the vault reaching $100 million. Know-Your-Customer (KYC) Verification According to the plan, Gemini would pay MakerDAO in GUSD every month for three months. Maker would have to establish a new organization for this incentive. Additionally, know-your-customer (KYC) verification procedures would be required of the Maker entity. T...
