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Sure, they both have DAOs on their names, but MakerDAO (MKR) is not The DAO from 2016. The latter’s an attempt at a decentralized autonomous organization, though that one turned out to be unsuccessful. As for the office of U.S. Senator Elizabeth Warren, however, there’s been some slight mix-up that recently happened.
Maker DAO mix up
MakerDAO developers made a comment about it and stated that the office of Senator Warren has shown a lack of familiarity with today’s decentralized finance (DeFi) ecosystem as this pretty much bothered them. In line with this, there was even a screengrab over on social media that may well seem to feature the conversation between community members of MakerDAO. They were detailing what transpired during the dialogue between the office of the senator and MKR’s representatives.
A convo screenshot
Per the screen grabbed convo, the MakerDAO representative who goes by the moniker PaperImperium claimed that the office was not even “super interested” in them adding that the delegate spent much time convincing them that they’re not The DAO. However, the MKR representative revealed that they have a commitment for another meeting in two to three weeks.
The screenshot of the said conversation was posted over on Twitter and got quite a bit of traction. Someone asked if PaperImperium was able to talk to Senator Warren to which the MakerDAO governance delegate responded that it was the public official’s banking/economics advisor who was tasked by Warren’s chief of staff to talk to them.
Not a fan of cryptocurrency
Reports suggest that Senator Warren is not a fan of everything cryptocurrency as she deemed digital assets as lousy investments and the new shadow bank. In early September, she said that it would be worth considering prohibiting U.S. banks from holding the reserves to back private stablecoins in a move that could effectively end the surging market.
MakerDAO
MakerDAO is as of late the sixth-largest DeFi protocol with a value locked amounting to $8.2 billion, as per DeFi Llama. As of writing, MKR sits at $2,506.09 (down by 1.58 percent) alongside a 24-hour trading volume of $130,200,583.
The DAO to disaster
The DAO, on the other hand, is still considered one of the cryptocurrency projects that lured in the largest investment in history. It drew 14 percent of all Ether (ETH) in circulation during its time as this was one of the first major projects on Ethereum. Unfortunately, due to code vulnerabilities, The DAO was hacked less than three months after it was introduced, not to mention the $60 million in ETH that was stolen.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
