MakerDAO, a key player in the decentralized finance (DeFi) sector, has implemented a significant interest rate hike, raising rates from 6% to 15% in a single move, with potential bumps of up to 900 basis points. This drastic change is part of a broader strategy to stabilize its native stablecoin, DAI, amid market conditions that have seen rapid growth in high-yield opportunities across the DeFi landscape, with some platforms offering 30-500% APY. The decision comes in response to the depletion of DAI's USDC reserves, which have been draining at a rate of 500 million a week, posing a substantial risk of depegging. MakerDAO's governance has voted for emergency fee adjustments to address potential DAI demand shocks and ensure the stability of the stablecoin. The protocol's top priority remains keeping DAI stable, with other considerations such as stable borrow rates and MKR value accrual depending on this stability. The move has sparked discussions within the crypto community, with some viewing the rate increase as a necessary, albeit tough, decision given the current bullish conditions. Additionally, projections suggest that $MKR profits could double within 24 hours, and the Total Value Locked (TVL) could grow 2x in the next two months.