ETH progressed towards strong buying momentum even though sell pressure thrived.that DAO stablecoins could be integral to the project’s future. The crypto bigwig noted that the ability of these coins to allow collateralization makes them the most qualified.
Vitalik also mentioned that governance-backed stablecoins like RAI might have been considered. However, its negative interest rate and vulnerability made it out of the option.In further defense of his opinion, the founder pointed to MakerDAO [MKR] and its stablecoin, DAI, as a suitable project to lead the charge. Still, he noted that MKR had some flaws even with its innovation. He added that MKR might only be ideal long-term unless the project improves efficiency.
“Maker is a fine model to get a stablecoin started, but not a good one for the long term. Hence, making decentralized stablecoins work long term requires innovating in decentralized governance that does not have these kinds of flaws.” Further examination showed that the FTX collapse had not helped matters with exchange deposits, especially from the Ethereum community. According to Santiment, the supply on exchanges has significantly dropped.was down to 14.82 million. So, this explains the notion that investors might align with Vitalik’s opinion by taking advantage of the decentralization perks.In spite of that, recent transactions using the Ethereum blockchain were not impressively active.
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