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MakerDAO and DAI
0 sats \ 4 comments \ @taxd 19 Jun 2022 bitcoin
I have a feeling that DAI is under pressure. It is backed by "complex contracts" involving stETH as well as USDC and USDT. This doesn't seem very safe for me, having a stablecoin backed by other stablecoins and ethereum. stETH is depegging. USDT has 25% of its backing in "commercial paper" (https://twitter.com/flintdotmoney/status/1537443785852227584?s=20&t=Ktq_MIJYftnVubtwUZ6umQ) which must have lost value recently.
Then this comes: https://twitter.com/business/status/1538339296670793735?s=20&t=Ktq_MIJYftnVubtwUZ6umQ
It seems to me that contagion among stablecoins might occur soon.
I ask you Stacker News. Should I invest in MakerDAO?
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1 sat \ 0 replies \ @TheBTCManual 19 Jun 2022
I wouldn't they are exposed as any in the DEFI space, while they may be better run than other protocols, it's not worth chasing that appreciation and yield, teh risk isn't properly compensated.
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0 sats \ 0 replies \ @nkmg1c_ventures 20 Jun 2022
Their logo for whatever synesthetic reasons always makes me of the trickster pokemon, Meowth.
https://s2.coinmarketcap.com/static/img/coins/64x64/4943.png
Are we really going to trust the Meowth token?
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0 sats \ 0 replies \ @faithandcredit 19 Jun 2022
Afaik DAI is over collateralized so even if it survives the purge it's not going to be sustainable in the long run I think.
Also most people assume stETH will reach ETH parity and building positions based on this assumption but I think it's just as likely it won't.
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0 sats \ 0 replies \ @siggy47 19 Jun 2022
Short answer: no
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