{"id":483659,"date":"2022-08-12T05:36:46","date_gmt":"2022-08-12T02:36:46","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/makerdao-should-seriously-consider-depegging-dai-from-usd-founder\/"},"modified":"2022-08-12T05:36:46","modified_gmt":"2022-08-12T02:36:46","slug":"makerdao-should-seriously-consider-depegging-dai-from-usd-founder","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/makerdao-should-seriously-consider-depegging-dai-from-usd-founder\/","title":{"rendered":"# MakerDAO should &#8216;seriously consider&#8217; depegging DAI from USD: Founder"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a284f40d28fc\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a284f40d28fc\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/makerdao-should-seriously-consider-depegging-dai-from-usd-founder\/#%E2%80%9D_MakerDAO_should_%E2%80%98seriously_consider_depegging_DAI_from_USD_Founder_%E2%80%9C\" >&#8221; MakerDAO should &#8216;seriously consider&#8217; depegging DAI from USD: Founder &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/makerdao-should-seriously-consider-depegging-dai-from-usd-founder\/#Ditching_USDC_backing\" >Ditching USDC backing<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_MakerDAO_should_%E2%80%98seriously_consider_depegging_DAI_from_USD_Founder_%E2%80%9C\"><\/span>&#8221; MakerDAO should &#8216;seriously consider&#8217; depegging DAI from USD: Founder &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvOWIxMDJiYzUtMzlmYS00NTNiLWJhOTUtZWM1OTFjNDY3YTQ0LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>MakerDAO founder Rune Chirstensen has urged members of the decentralized autonomous organization (DAO) to \u201cseriously consider\u201d preparing for the depeg of its DAI stablecoin from the United States dollar (USD). <\/p>\n<p>The founder\u2019s comments came in light of the recently announced sanctions on crypto mixer Tornado Cash, noting to MakerDAO\u2019s  Discord channel on Aug. 11 that the sanctions are \u201cunfortunately more serious than I first thought,\u201d adding that they should prepare to depeg its native stablecoin DAI from the USD to avoid any risk\u2019s relating to Circle\u2019s recent freezing of sanctioned USD Coin (USDC) addresses.<\/p>\n<blockquote><p>\u201cI think we should seriously consider preparing to depeg from USD. It is almost inevitable it will h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en and it is only realistic to do with huge amounts of preparation.\u201d<\/p><\/blockquote>\n<p>On Aug. 8, the U.S. Office of Foreign Asset Control (OFAC) officially barred residents from using the Tornado Cash protocol, while placing 44 USDC addresses linked with the platform on its list of Specially Designated Nationals. <\/p>\n<p>Following the move, USDC issuers Circle froze $75,000 worth of the stablecoin linked to the 44 sanctioned addresses. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">rune: we should seriously consider depegging from usd <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/HBMrPH7LrW\">pic.twitter.com\/HBMrPH7LrW<\/a><\/p>\n<p>\u2014 banteg (@bantg) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/bantg\/status\/1557733094899138560?ref_src=twsrc%5Etfw\">August 11, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Around 50.1% of MakerDAO\u2019s DAI is collateralized by USDC (according <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/daistats.com\/#\/\">to<\/a> Dai Stats) Christensen has raised concerns over the asset\u2019s heavy reliance on a centralized asset in USDC, as Circle has shown that it will act in accordance with United States law in the case of Tornado Cash. <\/p>\n<p>DAI is currently the fourth largest USD-pegged stablecoin in crypto with its current market cap of $7 billion, and the figure places it as the fifteen largest asset overall. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Ditching_USDC_backing\"><\/span>Ditching USDC backing<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Following the call, Yearn.finance core developer @bantg <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/bantg\/status\/1557742913924186117\">suggested<\/a> that MakerDAO was considering converting all its USDC from its peg stability module into $3.5 billion in ETH, which would result in more than 50% of DAI being backed by Ether (ETH), a massive jump from the 7.3% currently. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>DeFi platform Oasis to block wallet addresses deemed at-risk<\/em><\/strong><\/p>\n<p>The proposed idea drew criticism from the community, comparing MakerDAO to the beleaguered Terra (LUNA) project, which aggressively bought Bitcoin (BTC) to back its Terra USD stablecoin before the project ultimately imploded. <\/p>\n<p>Ethereum co-founder Vitalik Buterin also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/VitalikButerin\/status\/1557746114526314501\">chimed<\/a> in, stating: <\/p>\n<blockquote><p>\u201cErrr this seems like a risky and terrible idea. If ETH drops a lot, value of collateral would go way down but CDPs would not get liquidated, so the whole system would risk becoming a fractional reserve.\u201d<\/p><\/blockquote>\n<p>However, Christensen later clarified that what he actually \u201cwrote in the maker governance discord was that yoloing all the stablecoin collateral into ETH would be a bad idea.\u201d <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">What I actually wrote in the maker governance discord was that yoloing all the stablecoin collateral into ETH would be a bad idea kek<\/p>\n<p>\u2014 Rune (@RuneKek) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/RuneKek\/status\/1557775172878454784?ref_src=twsrc%5Etfw\">August 11, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Though he confirmed that a \u201cpartial yolo\u201d could still be a good idea, noting: <\/p>\n<blockquote><p>\u201cI think slowly DCA\u2019ing some collateral into ETH is an option that can be considered depending on the severity of the blacklisting risk, which I personally think is much higher after the TC blacklist\u2026 it would exchange blacklist risk for depeg and haircut risk.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/makerdao-should-seriously-consider-depegging-dai-from-usd-founder\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; MakerDAO should &#8216;seriously consider&#8217; depegging DAI from USD: Founder &#8220; MakerDAO founder Rune Chirstensen has urged members of the decentralized autonomous organization (DAO) to \u201cseriously consider\u201d preparing for the depeg of its DAI stablecoin from the United States dollar (USD). The founder\u2019s comments came in light of the recently announced sanctions on crypto mixer&#8230;<\/p>\n","protected":false},"author":1,"featured_media":483660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvOWIxMDJiYzUtMzlmYS00NTNiLWJhOTUtZWM1OTFjNDY3YTQ0LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,76701,75186,76700],"class_list":["post-483659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-dai","tag-dao","tag-makerdao"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/483659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=483659"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/483659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/483660"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=483659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=483659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=483659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}