The perfect Sundays are for lengthy reads and deep conversations. Final week the Let’s Speak Bitcoin! Present gathered to debate how the MakerDAO DeFi stablecoin really works and what occurred through the sudden, precipitous drop in crypto costs earlier this month.
Within the aftermath of the so-called “Black Thursday” crash from a number of weeks in the past, MakerDAO’s “DAI” ethereum backed greenback pegged stablecoin got here untethered and was, for a time no less than, functionally bancrupt. Within the aftermath, holders of the MKR token which permits holders to take part in governance choices opted to do a few issues, together with including the centralized stablecoin USDC to the listing of acceptable collateral, which drew each condemnations largely round centralized threat being added to the system and reward for making the system extra strong towards sudden ETH collateral worth crashes.
And now most not too long ago, the Maker Basis which had held some centralized management over the protocol accomplished their long-planned exit with all authorities now transferred to the holders of MKR tokens, eradicating each some extent of management which had been used as a security test and some extent of threat in that centralized management will be co-opted and used to disrupt a system as we have seen in different examples.
On right now’s present we’re digging into:
Hosts: Adam B. Levine, Andreas M. Antonopoulos, Jonathan Mohan & Stephanie Murphy