MakerDAO co-founder suggests the community depeg the DAI stablecoin from the dollar
This move is designed to protect the asset from regulatory uncertainty amid the situation with Tornado Cash and USDC
29.08.2022 - 07:30
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What’s new? Rune Christensen, the co-founder of decentralized autonomous organization MakerDAO, appealed to the community to choose “the Path of Decentralization” and depeg the DAI stablecoin from the dollar. In a post on the project’s blog, Christensen explained the reasons “Why Maker has no choice but to prepare to free float Dai.”
What else did Christensen say? The MakerDAO co-founder’s address to the community stems from the US sanctions on crypto mixer Tornado Cash, after which Circle, the issuer of the USD Coin (USDC) stablecoin, froze more than 75 000 coins associated with the service addresses hit by the restrictions. At the time of writing, USDC has a 51,6% share of DAI collateral (daistats data).
Christensen stated that harsh measures against cryptocurrencies can be enforced without prior notice and the possibility of recovery, even for innocent users who comply with the laws. Given the inability of the MakerDAO protocol to comply with regulators’ demands, Christensen believes decentralization is the only way of development. In order to realize this idea, the DAI stablecoin needs to depeg from the USDC.
What is MakerDAO? It is a protocol based on the Ethereum blockchain that uses the DAI algorithmic stablecoin. The asset ranks 13th in the cryptocurrency ranking with a market capitalization of $6,49 billion. Maker, a decentralized trading platform, provides lending and borrowing services for cryptocurrencies. As of August 29, 07:40 UTC, the native token MKR is trading at $753, down by 1,95% in 24 hours, according to Binance.
On August 11, Christensen offered to convert USDC from the DAI stablecoin reserve worth $3,5 billion into ETH. In response, Ethereum co-founder Vitalik Buterin said it was “a risky and terrible idea.” In his opinion, if the price of ETH falls, it will lead to the collapse of MakerDAO.
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