HEX founder, Europol Fugitive Richard Heart, blamed the manufacturer’s distributed autonomous organization (DAO) for failing to fundamentally test decentralisation and autonomy.
In a memo that concludes the lengthy rant on the bridged version of Makerdao’s flagship Stablecoin, Dai, the Makerdao administrator laughed at how they have the authority to override community votes and borrow barely collaborated tokens.
He slammed the managers on the project and thrust them to finally exercise their authority to “do the most interesting thing.”
On the Ethereum blockchain, Makerdao’s Stablecoin Dai has been traded for years near the intended $1 peg. However, Makerdao and its Dai Stablecoin copy of PDAI for the Parse Shane, a blockchain rooted in Richard’s heart, crashed to nearly $0.
Pulsechain-based Dai crashes to nearly $0
For context, Pulsechain is a modified version of Ethereum that I copied to all tokens and projects as of the snapshot date. Ethereum-based projects like Uniswap and Compouts each have a rogue clone of themselves, each running on a pulse chain.
Heart shared pdai in a series of tweets Embarrassing liquidity worth $400,000 About the swap market between Pulsechain and Ethereum. That pales in comparison to DAI’s $3.2 billion market capitalization at Ethereum.
Hart even questioned whether Makerdao’s insiders even knew that Parsechen-based PDAI or PMKR tokens existed. If so, he joked, they also control the Parse Shen-based McEldao.
PDAI shows that despite the cross-blockchain swap market, it was unable to maintain its intended $1 peg. McEldao shows that it may be an immature project that requires active human intervention.
Clearly his view, his mind is called “stubcoin.”Bugs, risky, exploited, fake. ”
Press Makerdao Admin to reveal their true power
Hart provided relatively little evidence that Makerdao administrators can “do the most funny thing” and stuff them with Pulse Chain Inc Lawn. As early as 2020, Makerdao claimed that it had completely eliminated the management key.
Of course, the same keyburning ceremony appears to have occurred in Uniswap, but that doesn’t mean that the manufacturers and Uniswap are completely controlled by the community. Famously, Uniswap Insiders decided to abolish tokens from the frontend without community input, censored reaching the formal voting stage, delaying the implementation of certain votes from the community.
Read more: Richard Heart is still a fugitive despite being fired in the SEC case
DAOS also tend to centralize around venture capitalists who control voting outcomes or centralized exchange executives who have the power to vote using customer tokens.
Not the first criticism of McEldao’s questionable decentralization
Makerdao’s decentralization has a history of controversy. Founder Rune Christensen, known as the “Mad King,” had once been a fierce promise to portray Dai Stablecoin.
Christensen rebranded Makerdao to Sky Protocol and pivoted to USD to store yields from Dai, including its non-Yield. Christensen initially reflected on his concerns about the rebranding, but only a few months later he showed that he might be. Consider reviving the Makerdao brand.
Heart accused Makerdao (or Sky Protocol) of having the power to control the Pulsechain version of Dai or MKR.
Heart’s criticism of Makerdao highlights the ongoing debate about DAO’s decentralization and autonomy. Meanwhile, his own projects like Pulsechain face a singular challenge, such as PDAI pricing.
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