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@nanexcool

@nanexcool

@nanexcool

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Rune

@RuneKek

Sep 18, 2023

1)
While broader crypto is in shambles, Maker continues to grow its position as the biggest in DeFi

Everyone else shitcoin'd and ponzi'd. Maker built stuff that works & in the last month Dai grew by 400m

Next up is SubDAOs and they will be a gamechanger for growth in crypto

2)
Before we launch the 4 SubDAOs, early next year we will set the stage with a new simplified brand (name TBD) to be the foundation for SubDAO marketing & growth

We want something laser focused on being simple, easy and fun for new and existing users alike

3)
The biggest challenge Maker faces is the system has grown so much it has become too large, important and complex to effectively be governed as a single monolithic thing

Read 15 tweets

Rune

@RuneKek

May 11, 2023

Maker Endgame is a series of 5 major product launches that will take Maker to the forefront of DeFi and AI innovation.

It involves a new brand, new stablecoin and governance token, 6 new SubDAOs distributed through farming and Governance AI Tools

forum.makerdao.com/t/the-5-phases…

Phase 1: Beta Launch arrives within months with a new unified brand, a new website and the tokens NewStable and NewGovToken (names will be based on new brand).

Dai and MKR will remain functional permanently, and holders can choose to upgrade to NewStable and NewGovToken.

Phase 2: SubDAO Launch follows some months afterwards with 6 new SubDAOs and 6 SubDAO token farms available for NewStable users.

All initial SubDAO tokens will be distributed through these farms only. NewStable users can freely choose which to farm. USA & VPN IPs are ineligible.

Read 10 tweets

Rune

@RuneKek

Jan 5, 2022

How is Dai engineered for resilience?

Threadooor time

Resilience is determined by the weakest link, and isn't just about checking some boxes. It's a fundamental question of culture:

"Is the security of your users your core mission?"

Smart contract risk is the most important thing to consider when using DeFi, because of how bugs can sit dormant for years in mediocre code and suddenly be exploited as new anti-patterns are discovered.
A small flaw in a single component can cascade through an entire protocol

Maker is among the oldest and most secure smart contracts ever developed. It launched with 3 audits and formal verifications all the way back in 2019, and the high bar for shipping critical components continues to this day
More: github.com/makerdao/mcd-s…

Read 14 tweets

Rune

@RuneKek

Sep 10, 2021

A multichain future is a multisig future.

L1's by definition have unique security and governance models that means it is impossible to build trustless bridges between them, since the definition of trustless changes based on which side of the bridge you're standing.

The only solution is a third party with a security and governance model that allows it to "translate" between the two blockchains and deal with things like hard forks.

But multisig bridges are the worst, because anything that crosses them becomes centralized.

Seriously the trend of using multisigs to replace and duct tape over issues in blockchain is fine as a short term solution, but those who imagine them as long term solutions that can be relied on as core infrastructure should be sacrificed to satoshi.

Read 22 tweets

Rune

@RuneKek

Sep 25, 2020

Another day, another long tweet thread, this time about Dai deposit tokens (cDai and aDai) as collateral in Maker, and how they unlock a new avenue of rapid scalability and distribution of Dai

I'm really excited about when Maker can get cDai, aDai and other lending platform tokens as collateral. It has uniquely powerful synergy and I think its a type of composability that will stick around for the long run and be a key pillar of DeFi scale.

It will help solve a key issue that Maker is facing: How to rapidly scale without introducing too much technical risk.

Rushing to mass onboard random tokens as collateral isn't safe, because in theory doing a single such onboarding wrong could break the entire system.

Read 15 tweets

Rune

@RuneKek

Sep 24, 2020

Dai demand has completely exploded in the last 6 months. The high yield farms are gone, but there is still almost 900 million USD of demand for Dai, even at 1.01!

It's impossible to say how high the demand will be for Dai at 1.00 and a positive DSR - but it's a lot more.

Scaling the Dai supply to balance such extreme growth is no easy task. We should all be grateful MKR holders aren't short sighted enough to just funnel the influx of capital to themselves by adding MKR as collateral or some other "algorithmic"/seignorage shares-derived scheme

Adding large amounts of stablecoins is what governance determined is the least bad option. It can't fix the peg completely, but it can bring it to a more predictable target of 1.01 USD per Dai. And it means if demand for Dai collapses tomorrow, there will be no run on the bank.

Read 11 tweets

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