{"id":488459,"date":"2022-08-28T14:27:26","date_gmt":"2022-08-28T11:27:26","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/makerdao-co-founder-recommends-dai-usd-depegging-to-limit-attack-surface\/"},"modified":"2022-08-28T14:27:26","modified_gmt":"2022-08-28T11:27:26","slug":"makerdao-co-founder-recommends-dai-usd-depegging-to-limit-attack-surface","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/makerdao-co-founder-recommends-dai-usd-depegging-to-limit-attack-surface\/","title":{"rendered":"# MakerDAO co-founder recommends DAI-USD depegging to limit attack surface"},"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-6a261d0808a82\" 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-6a261d0808a82\" 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-co-founder-recommends-dai-usd-depegging-to-limit-attack-surface\/#%E2%80%9D_MakerDAO_co-founder_recommends_DAI-USD_depegging_to_limit_attack_surface_%E2%80%9C\" >&#8221; MakerDAO co-founder recommends DAI-USD depegging to limit attack surface &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_MakerDAO_co-founder_recommends_DAI-USD_depegging_to_limit_attack_surface_%E2%80%9C\"><\/span>&#8221; MakerDAO co-founder recommends DAI-USD depegging to limit attack surface &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-28d77a7a>In light of the recent discussions around depegging its native token from USD Coin (USDC) amid sanctioning of Tornado Cash, MakerDAO co-founder Rune Christensen reached out to the community explaining why free-floating DAI may be the only choice for the decentralized autonomous organization (DAO).<\/p>\n<p>In his blog <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/forum.makerdao.com\/t\/the-path-of-compliance-and-the-path-of-decentralization-why-maker-has-no-choice-but-to-prepare-to-free-float-dai\/17466\">post<\/a>, \u201cThe Path of Compliance and the Path of Decentralization: Why Maker has no choice but to prepare to free float Dai,\u201d Christensen disclosed miscalculating the risks related to risk-weighted assets (RWA). He stated:<\/p>\n<blockquote><p>\u201cPhysical crackdown against crypto can occur with no advance notice and with no possibility of recovery even for legitimate, innocent users. This violates two core assumption that we used to understand RWA risk, making the authoritarian threat a lot more serious.\u201d<\/p><\/blockquote>\n<p>While revealing the protocol\u2019s inability to comply with regulators, Christensen suggested that \u201cwe must choose the path of decentralization, as was always the intent and the purpose of Dai.\u201d <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-08\/f9b0e99f-5d9f-469d-adbe-e14ea0e28a20.png\"><figcaption style=\"text-align: center;\"><em>DAI collateralization data. Source: Dai Stats<\/em><\/figcaption><\/figure>\n<p>He believes that decentralizing Maker would reduce the impact of crackdowns on the overall protocol, adding that &#8220;The only choice is then to limit attack surface by reducing RWA exposure to a maximum fixed percentage of the total collateral &#8211; this requires free floating away from USD.&#8221;<\/p>\n<p>It is important to note that over 50% of DAI is currently collateralized by USDC, as evidenced by daistats <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/daistats.com\/#\/\">data<\/a>.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>MakerDAO should \u2018seriously consider\u2019 depegging DAI from USD \u2014 Founder<\/em><\/strong><\/p>\n<p>Joey Santoro, the founder of the decentralized finance (DeFi) platform Fei Protocol recommended revoking participation from Tribe DAO after reimbursing Fuze victims.<\/p>\n<p>Previously, Rari Fuze hacker was offered a $10 million bounty for returning the $80 million worth of assets, but Fei Protocol received no response from the attacker.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/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-co-founder-recommends-dai-usd-depegging-to-limit-attack-surface\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; MakerDAO co-founder recommends DAI-USD depegging to limit attack surface &#8220; In light of the recent discussions around depegging its native token from USD Coin (USDC) amid sanctioning of Tornado Cash, MakerDAO co-founder Rune Christensen reached out to the community explaining why free-floating DAI may be the only choice for the decentralized autonomous organization (DAO)&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":488460,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvNzY4NjhiMWItMmZhOS00OWUxLTlkYWItYTE3ZjM4MGJjNGQzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,75186,77655,76700,117,70934],"class_list":["post-488459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-dao","tag-maker","tag-makerdao","tag-business","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/488459","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=488459"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/488459\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/488460"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=488459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=488459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=488459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}