Amid wide-reaching Tornado Cash sanctions, MakerDAO founder Rune Christensen says it is 'almost inevitable' that DAI will depeg from the U.S. dollar and move away from its heavy USDC collateralization.
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 , a massive jump from the 7.3% currently.The proposed idea drew criticism from the community, comparing MakerDAO to the beleaguered Terra project, which aggressively bought Bitcoin to back its Terra USD stablecoin before the project ultimately imploded.“Errr this seems like a risky and terrible idea.
However, Christensen later clarified that what he actually “wrote in the maker governance discord was that yoloing all the stablecoin collateral into ETH would be a bad idea.” What I actually wrote in the maker governance discord was that yoloing all the stablecoin collateral into ETH would be a bad idea kekThough he confirmed that a “partial yolo” could still be a good idea, noting:
“I think slowly DCA’ing 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… it would exchange blacklist risk for depeg and haircut risk.”
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