Maker (MKR) is showing worrying signs, as the previously freedom-seeking decentralized lending operation is turning into an Ethereum-grabbing loan shark. The Maker protocol requires regular voting for a so-called “stability fee”, which has been steadily rising in the past months.
In one of its more recent votes, Maker voters raised the so-called stability fee to 19.5%, up from 14.5% in April. Given that Maker started off with extremely low fees of 0.5% and essentially offered Ethereum-backed loans that were competitive to banks, the current price level is ...