So as a small holder who has been accumulating MKR, let me go ahead and show my hand while asking a question.
I park most of my MKR in an exchange that offers me about 2% yield paid in more MKR, compounded daily. I also buy MKR weekly in small increments.
What is the effect on MKR from people like me, offering our tokens to lend? Am I providing liquidity to traders (benign in my opinion), or does this pose a risk to the best investment I’ve seen since I got AAPL at $6/share a decade ago? How much of a risk, if so? Are enough long-haul whales around to hold off any malicious borrowing of MKR to vote on governance? How quickly could I know if large holders dumped their tokens?
I should note that I am one of those small holders (<100 tokens) who has never voted, mainly due to opportunity cost. I’d happily stake my MKR for a stream of more MKR or even DAI, even if it was less than the 2% I get now.
I should also note I’m a classic, old-school value investor. I’m not a rah-rah crypto advocate and MKR is my only substantial crypto investment, as I’m here for the fundamentals. It also means I’m fairly crypto-naive (but not tech naive in general), so don’t feel like you’re mansplaining if there’s something obvious I’ve overlooked or not considering with regard to crypto. The governance is a bit different from the boards I’ve sat on in the past, so also chime in if there’s something I’m overlooking in that arena as well.