MakerDAO wants to build its own ecosystems, analyst claims
The second-largest decentralized finance (DeFi) protocol by total value locked (TVL), MakerDAO, reportedly wants to build its ecosystem, according to a pseudonymous DeFi researcher called Ignas.
Per a Twitter thread, the analyst claims that MakerDAO, the creator of DAI stablecoin, wants to integrate the U.S. dollar-pegged crypto asset into its own protocols and platforms instead of “existing DeFi protocols.” The DeFi platform has already developed a competitor to Aave, called Spark Protocol.
Ignas added that MakerDAO’s plan with its DAI Savings Rate (DSR) with a 1% annual percentage yield (APY) has failed to make Aave or Compound protocols integrate the stablecoin. MakerDAO’s main reason, according to the analyst, was to make USD Coin (USDC) users migrate to DAI.
The analyst claims that MakerDAO’s plan to develop its decentralized environment comes as Aave protocol and Curve Finance are trying to create and launch their stablecoins. Per the tweet, GHO, Aave’s stable digital currency, might be a direct “competitor to DAI.”
Ignas stated that MakerDAO also wants to bring EtherDAI to the markets too. The asset, which is a liquid staking derivative (LSD) for ethereum (ETH), is the most critical element in MakerDAO’s “endgame plan to make DAI the unbiased world currency.”
Previously, the MakerDAO community started ballots to save and manage DAI in the Gemini crypto exchange’s financial crisis. The votes set the fees for DAI to GUSD swaps at zero, limiting DAI’s exposure to Gemini’s stablecoin.
In Nov. 2022, one of MakerDAO’s co-founders, Nikolai Mushegian, passed away, and the decentralized community appreciated his brilliance in developing the stablecoin and preventing massive hacks on MakerDAO.
