Vitalik Buterin criticized the intention of MakerDao to sell USDC for $ 3.5 billion

Vitalik Buterin criticized the intention of MakerDao to sell USDC for $ 3.5 billion

Ethereum co -founder Vitalik Buterin criticized the idea of ​​the MakerDao platform about the rebalance of the Steabelcoin DAI, which is involved in the sale of the USDC worth $ 3.5 billion for ETH.

The intention of the Defi platform was announced by the developer of Yearn Finance under the nickname Banteg. According https://gagarin.news/news/accelerate-financial-technologies-establishes-the-nft-fund-which-owns-blue-chips/ to him, the DAI issuer considers the purchase of a “market” broadcast by converting all USDCs from the binding stability module (PSM).

MakerDao Is Considing A $ 3.5 Billion Eth Market Buy, Converting All USDC from the Peg Stable Module Into Eth.

– Banteg (@bantg) August 11, 2022

Earlier, in the framework of compliance with sanctions restrictions, Circle has blacklisted the USDC address 38 Tornado Cash wallets. One of the operators of Stablecoin blocked the movement of at least 75,000 USDC.

Against these events, the MakerDao Defi project began to develop a plan in case the main smart contracts of the protocol fall under the sanctions of the authorities, according to The Defiant. The publication noted that plans to reduce dependence on USDC are considered in other Defi projects.

The screenshot below is the structure of the DAI.

In response to Banteg’s tweet, Vitalik Buterin called the intention of MakerDao a terrible idea.

“If Ethereum collapses in price, the cost of security will fall greatly, but CDP is not eliminated. Therefore, the whole system risks turning into partial reservation, ”commented the co -founder of Ethereum.

In his opinion, not a single type of security other than Ethereum should exceed 20% of the total.

Previously, Tornado Cash user accounts have blocked a decentralized Dydx derivatives exchange.

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