The entire DeFi industry - VCs, DAOs, devs, everyone - is colluding to hide the fact that if 5 people, chosen by @chainlink, ever decide (or are forced) to go rogue, the entire DeFi ecosystem can be intentionally destroyed in the blink of an eye.
>99% of the #DeFi protocols are fully centralized / team-ran or captured by rogue governance (Hello $MKR)
Remaining 1%?
One doing degovernance @reflexerfinance
Some no gov 👋 @LiquityProtocol
Still waiting for a live protocol with decaying governance: @trustlessfi first?
What a wild few weeks. We have been discussing in our community calls. Join in every Thursday at 6pm UTC to discuss!
One thing is clear: decentralization is essential.
Additional list of stablecoins projects I follow closely because they move the needle in the right direction:
LIVE - @reflexerfinance@LiquityProtocol@BeanstalkFarms
SOON - @DYADstable @trustlessfi
Feel free to add to it: I'm always in to explore new stablecoin models!
Can some good come from FTX’s ruinous downfall?🙏Here’s why @ErikVoorhees, as fmr CEO of an exchange, is “pissed” even as he hopes this brings focus back to true DeFi.
For regulators who may vilify the industry? 🔥“Wake up to what crypto can actually do.”
https://t.co/dM3AMlHmUK
All data necessary for a keeper to liquidate Hue positions is stored on-chain. This removes the risk of a centralized service going down, removing single points of failure. Read more: https://t.co/HjgCJaaZqC #DeFi
Hue incentivizes anyone to call a function once daily to automatically adjust interest rates. The protocol updates the interest rate trustlessly according to an on-chain calculation. Read more: https://t.co/wbxM0nPcFh #DeFi
Hue derives all prices from Uniswap TWAPs. Uniswap TWAPs represent the true on-chain price of two assets; no centralized entity can control these prices. https://t.co/WyBOXmqpHg #DeFi
In Hue positions can be instantly liquidated so that Hue can correct undercollateralized debt before it further endangers the protocol. Read more: https://t.co/HjgCJaaZqC #DeFi
Coinbase updated its @MakerDAO proposal to explain that Maker must name 4 people who will be the only people authorized to move $1.6 BILLION between Coinbase and the trustless Maker vault where the USDC currently sits.
DAI holders would have to trust Coinbase AND these 4 ppl.