Rune Christensen: "DAI needs to be decoupled from the US dollar"

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Founder of one of the oldestdecentralized finance protocol Maker Rune Christensen said that the DAI stablecoin needs to be decoupled from the US dollar. This is due to the blocking of Tornado Cash addresses.

DAI currently manages the protocol and stablecoindecentralized autonomous organization MakerDAO. At the same time, half of the collateral for the DAI stablecoin is stored in USDC tokens. Rune Christensen believes that the blocking of Tornado Cash addresses by the Circle consortium has created an unpleasant precedent.

“I think we need to seriously consider decoupling from the dollar. This is almost inevitable, so we need to prepare carefully,” he emphasized.

Currently, DAI ranks 4th in terms ofcapitalization volume with an indicator of $7 billion. Accordingly, about $3.5 billion is stored in the stablecoin USDC. About 7.3% of assets are stored in ETH and the developer of the Yearn.Finance project proposed to transfer the entire share of USDC to ETH. 

However, Ethereum co-founder Vitalik Buterindid not support the proposal, saying that in the event of a collapse in the price of ether, there is a possibility of risk for the entire Maker ecosystem. Christensen later emphasized that transferring all reserves from stablecoins to ETH would be a bad idea, but increasing the share of this coin is quite possible.

In April, Maker developers announced plans to integrate the Ethereum sidechain StarkNet. This will reduce transaction fees for DAI stablecoins.