MakerDao co -founder offered to untie DAI from the dollar

Free-floating DAI is the only way to decentralization and compliance with regulatory rules, according to the co-founder of the Defi-platform of the MakerDao rune Christensen.

He noted that after September 11, 2001, financial regulation leaned towards zero tolerance to those instruments that the authorities cannot control. Recent events like Terra, Celsius and others undermined confidence in digital currencies and Defi, Kristensen added.

“Physical repressions against the crypto industry can occur without preliminary notice and without the possibility of restoration even for law -abiding, innocent users,” he is sure.

According to him, this violates the main assumptions underlying the use of “Assets of the Real World” (RWA) to ensure stablecoin DAI, and makes an “authoritarian threat” of a very serious.

Maker cannot create a black list, so the platform is unable to comply with compliance, Kristensen believes.

“The only choice is to limit the surface of the attack by reducing the effect of RWA to the maximum fixed percentage of the total security. This requires free swimming from USD, ”concluded the founder of MakerDao.

According to Kristensen, the decision will help to provide two main tools: Metadao and Protocol Owned Vault.

DAI revenue farm through Metadao will allow users to accept a coin exchange rate floating to the dollar. The received reward tokens will stimulate the DAI offer due to decentralized support, Kristensen believes.

The Protocol Owned Vault protocol storage will allow the platform to receive income from negative DAI targets and set their limit.

At the time of writing, 51% of the emission of stablecoin from Maker was released in USDC. The total cost of funds blocked on the platform is $ 9.26 billion.

On August 9, Circle has blacklisted the USDC address of wallets of the Tornado Cash mixing platform. This was followed by the introduction of the sanctions service by OFAC . In total, one of the stablecoin operators blocked the movement of at least 75,000 USDC.

Against this background, MakerDao began to develop a plan to reduce dependence on USDC.

Recall that https://gagarin.news/ru/news/swiss-tag-heuer-plans-to-accept-cryptocurrency-payments/ the Ethereum pinerator Vitalik Buterin criticized the idea of ​​the platform about the DAI support for providing the USDC worth $ 3.5 billion per ETH.

Read the FORKLOG Bitcoin News in our Telegram-cryptocurrency news, courses and analytics.