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Author Topic: Co-founder of MakerDAO advises DAI-USD depegging to reduce attack surface  (Read 29 times)

cryptogabbar

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  • Christensen stated that the protocol could not satisfy regulators and that "we must chose the route of decentralisation."

    In light of recent discussions about separating its native token from USD Coin (USDC) in response to the sanctioning of Tornado Cash, MakerDAO co-founder Rune Christensen got in touch with the community and explained why free-floating DAI might be the only choice for the decentralised autonomous organisation (DAO).

    Christensen acknowledged underestimating the hazards associated with risk-weighted assets in his blog post titled "The Path of Compliance and the Path of Decentralization: Why Maker has no choice but to Prepare to Free Float Dai" (RWA).

    Christensen stated that "we must chose the route of decentralisation, as was always the idea and the objective of Dai," while admitting the protocol's incapacity to abide by regulators. The only option left, he continues, is to limit the attack surface by reducing RWA exposure to a maximum fixed proportion of the entire collateral, which necessitates free floating away from USD. He believes that decentralising Maker will lessen the impact of crackdowns on the overall protocol.

    It is significant to note that, according to statistics from daistats, over 50% of DAI is currently collateralized by USDC. The founder of the decentralised finance (DeFi) platform Fei Protocol, Joey Santoro, suggested suspending Tribe DAO's participation after compensating Fuze victims.

    Rari Fuze hacker had previously been given a $10 million reward for revealing over the $80 million worth of assets, but Fei Protocol never heard back from the attacker.

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