Rune Christensen, the founder of one of the oldest decentralized finance protocols Maker, said that the DAI stablecoin needs to be decoupled from the US dollar. This is due to the blocking of Tornado Cash addresses.
The DAI protocol and stablecoin are currently managed by the decentralized autonomous organization MakerDAO. At the same time, half of the DAI stablecoin collateral is stored in USDC tokens. Rune Christensen believes the Circle consortium’s blocking of Tornado Cash addresses set an unfortunate precedent.
“I think we need to seriously consider decoupling from the dollar. This is almost inevitable, so we need to carefully prepare,” he stressed.
At the moment, DAI occupies the 4th place in terms of capitalization with an indicator of $7 billion. Accordingly, about $3.5 billion is stored in the USDC stablecoin. About 7.3% of assets are stored in ETH and the developer of the Yearn.Finance project proposed transfer the entire share of USDC to ETH.
However, Ethereum co-founder Vitalik Buterin did not support proposal, stating that in the event of a collapse in the price of ether, there is a possibility of risk to the entire Maker ecosystem. Later, Christensen emphasized that it would be a bad idea to transfer all reserves from stablecoins to ETH, but it is quite possible to increase the share of this coin.
In April, Maker developers announced plans to integrate the StarkNet Ethereum sidechain. This will reduce transaction fees with DAI stablecoins.
Source: Bits
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