Since DAI is currently being destroyed (lemmy.sdf.org)

submitted 6 months ago by BD89@lemmy.sdf.org to c/monero@monero.town

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Does anyone know an unfreezable stablecoin that is the least at risk of becomming another TerraLuna? I love Monero but its too volatile to keep 100% of my life savings in an unfreezable stablecoin is CRUCIAL. This is such horrible news. Fuck Rune Christiansen for this shit!!

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[-] Scolding0513@sh.itjust.works 5 points 6 months ago* (last edited 6 months ago)

what's wrong with PureDAI? they wont allow other stables to be collateral, which is really good. Or will it also have a freeze authority like the other stable? idk that much so you need to provide some context bro.

anyway there is one on Solana that functions very similar to DAI, it's called PAI (Parrot). Also RAI o. ETH but it's not collateral based

[-] BD89@lemmy.sdf.org 5 points 6 months ago

https://forum.makerdao.com/t/reconciling-the-two-opposing-paths-for-decentralized-stablecoins/24280

It will become the next Terra Luna. They should make it new projects but they want MKR tied to its governance. Its all a cash grab and so sad. Thank you for the alternatives.

[-] Scolding0513@sh.itjust.works 3 points 6 months ago

I went through it, thanks

How exactly will this be the next Terra Luna? Maybe you can explain to me. Sorry It's been a while since I studied all that stuff and the crash happened.

But yeah, looks like they are essentially focusing all their attention on the new fed glowie coin, and pushing "PureDai" into a new DAO altogether, off to the sidelines. It will gain its peg in a fully automated form using decentralized collateral. Maybe that's the Terra Luna part you meant. But if it's overcollateralized then wont it be as strong as original DAI?

How sad. I agree with the last guy. This is sabatoge. Likely that the feds are pushing this in the background, pushing the Founder guy.

[-] goatmeal@monero.town 2 points 6 months ago

terra required too much manual intervention and also aimed to maintain a USD peg. RAI and pureDAI aren't supposed to be like that. so I wouldn't be so pessimistic. I think there is still a way to do it.