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$104,949.00
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-0.01%Reading
The founder of adult entertainment payment provider SpankChain, Ameen Soleimani, has put forward an idea for an Ethereum-backed stablecoin that comes with a minimalist governance structure. Soleimani thinks a new schema is necessary to overcome centralized points of failures in existing stablecoins, like MakerDAO—which builds DAI, an Ethereum-based stablecoin that is supposedly decentralized.
“MakerDAO currently has at least four custodians, each of whom can, at will, steal 100% of the ETH collateral deposited in MakerDAO, also print a gajillion DAI, and then use that DAI to steal 100% of the ETH liquidity offered for the ETH/DAI pair across all decentralized exchanges,” wrote Soleimani.
“The custodians, the Maker Foundation, a16z, PolyChain, and Dragonfly, could execute this entire heist in a single atomic Ethereum transaction, before anyone has a chance to respond,” he added.
Essentially his point is that parts of the MakerDAO system are centralized, and that they are so centralized, that all of its token holders—and Ethereum holders—and subject to the whims of the few institutions that are in charge of it.
In a blog post yesterday, he laid out the details of MetaCoin, a new design for a stablecoin—not to be confused with an existing token with the same name—that makes it more difficult for those governing the coin to manipulate the price or supply of the tokens.
Thus, “The key bet for MetaCoin is that social scalability comes from trust-minimization, which in turn comes from eliminating the role of governance in maintaining the system,” he said.
Soleimani’s a little unsure any of this would work, but he believes that new thinking is necessary to address some of the risks posed by existing stablecoins, like MakerDao.
ConsenSys CEO Joe Lubin and Ethereum co-inventor Vitalik Buterin have kicked $700,000 (4,000 ether) into MolochDAO, the odd funding experiment helmed by Spankchain CEO Ameen Soleimani. The donation brings the fund’s total to $1 million. “My dark dreams are starting to come true,” Soleimani said. MolochDAO, a “decentralized autonomous organization,” was developed by Soleimani to pool resources to fund the building of core Ethereum infrastructure. It is as much a social experiment as a business...
While his out-of-the-box thinking can seem disruptive, in the past he managed to raise $1 million for a project based on the Canaanite God of child sacrifice, Moloch. A project, which was so successful it led to the rebirth of decentralized autonomous organizations—not seen since 2016. Can he do it again?
Tips
Have a news tip or inside information on a crypto, blockchain, or Web3 project? Email us at: tips@decrypt.co.
Crypto asset manager Canary Capital has applied for an exchange-traded fund tracking Cronos (CRO), the token affiliated with the Crypto.com exchange, according to a filing with the U.S. Securities and Exchange Commission on Friday. The S-1 registration form marks Canary Capital’s latest step toward potentially debuting its Canary Stake CRO ETF in the U.S. and adds to the growing list of altcoin-based funds before the regulator. The issuer registered a Delaware Trust entity earlier this month, l...
Just three days after debuting a multi-billion dollar fundraising plan to purchase Bitcoin, President Donald Trump’s Trump Media & Technology Group announced Friday that it has successfully raised $2.4 billion for its crypto treasury. The funds were raised via an offering of common stock and convertible senior secure notes, the company said. Roughly 50 institutional investors participated in the sale, which produced $2.32 billion in net proceeds. Those funds will now be used to create a Bitcoi...
How do you save an ailing publicly traded company in 2025? One answer, and an increasingly popular one at that, is: pivot to crypto—or more specifically, become a crypto treasury company. The previously unknown online gambling marketer SharpLink Gaming did just that earlier this week, when it announced it had raised $425 million in investment to establish an Ethereum treasury. It was a notable departure from the more common route of building a Bitcoin treasury, with Ethereum being the second lar...