Ethereum co-founder Vitalik Buterin criticized the idea of the MakerDAO platform to rebalance collateralstablecoin DAI, involving the sale of USDC worth $3.5 billion for ETH.
The intention of the DeFi platform was announced by the developeryEarn Finance under the nickname banteg. According to him, the DAI issuer is considering buying ether “on the market” by converting all USDC from the Pegging Stability Module (PSM).
Previously, as part of compliance with sanctionsrestrictions, Circle blacklisted the USDC addresses of 38 Tornado Cash wallets. One of the stablecoin operators blocked the movement of at least 75,000 USDC.
Against the backdrop of these events, the MakerDAO DeFi project launcheddeveloping a plan in case the protocol's core smart contracts fall under government sanctions, according to The Defiant. The publication noted that plans to reduce dependence on USDC are also being considered in other DeFi projects.
The screenshot below shows the DAI provisioning structure.
Data: daistats.
In response to banteg's tweet, Vitalik Buterin called MakerDAO's intention a terrible idea.
“If Ethereum collapses in price, the valuecollateral will drop heavily, but CDPs are not being liquidated. Therefore, the whole system is in danger of becoming a fractional reserve, ”commented the co-founder of Ethereum.
In his opinion, no type of collateral other than Ethereum should exceed 20% of the total amount.
MakerDAO leads the rankings from DeFi Llama with a TVL of $9.06 billion.
Earlier, Tornado Cash user accounts were blocked by the decentralized derivatives exchange dYdX.
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