<\/p>\n
Ethereum Founder Urges Reflexer To Expand Market Share By Embracing Liquid Staking Tokens<\/p>\n
Tensions are flaringbetween MakerDAO and the broader Ethereum community after the founder of DeFi\u2019s largest collateralized debt protocol proposed forking Solana for the project\u2019s future appchain migration.<\/p>\n
Maker\u2019s MKR governance token dipped 5.6% from yesterday\u2019s high after Ethereum founder Vitalik Buterin, sold<\/a> his stake of 500 MKR for 353 ETH ($580,000), apparently in response to the news.<\/p>\n Buterin later made an appearance in the Discord server for Reflexer, which develops RAI, a purely ETH-backed and unpegged<\/a> competitor to MakerDAO\u2019s DAI stablecoin. He called for Reflexer to embrace<\/a> minority liquid staking tokens (LSTs) to expand its share of Ethereum\u2019s stablecoin sector amid Maker\u2019s planned exit from the network.<\/p>\n With MakerDAO \u201ctorpedoing itself in weird directions,\u201d Buterin said it makes sense for RAI to take on a more \u201cactivist\u201d approach to governance and support non-dominant forms of staked ETH. Lido currently controls nearly three-quarters of the liquid staking market, and its dominant position has raised centralization fears.<\/p>\n On Sept. 1, Rune Christensen, the controversial<\/a> co-founder of MakerDAO, published his thesis<\/a> for why MakerDAO should launch its future appchain deployment on a fork of the Solana codebase.<\/p>\n Christensen cited Solana\u2019s scalability, multiple clients for security, and the established precedent of projects launching Solana forks as dedicated appchains among the reasons informing his decision. He added that the Solana ecosystem has \u201cproven its resilience\u201d after the collapse<\/a> of FTX \u2014 a prominent Solana investor.<\/p>\n Christensen added that Cosmos is also a suitable contender but does not offer the same efficiency as Solana.<\/p>\n In May, Christensen first outlined plans for an appchain migration<\/a> to be the final stage of Maker\u2019s ongoing \u201cEndgame<\/a>\u201d overhaul. The move would launch a new network dedicated to hosting MakerDAO and would follow significant changes including to the MKR and DAI tokens, reorganizing into a series of specialized subDAOs, and revamping its governance processes.<\/p>\n \u201cNewChain\u2026allows the system to deal with the 8 years of technical debt in the protocol, and means all components of the protocol can be purposefully rebuilt for their exact role in the final, permanent Endgame technical design,\u201d Christensen said.<\/p>\n Christensen estimates the appchain launch won\u2019t take place until at least three years from now.<\/p>\n The plan comes as appchains are emerging as a popular option for hosting applications that require fast, cheap transactions or high throughput.<\/p>\n Last week, the dYdX community formalized plans to migrate<\/a> from Ethereum to a Cosmos-based Layer 1. Lens, the decentralized social media protocol from Aave, uses Momoka<\/a>, a Layer 3 appchain secured by Ethereum.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Ethereum Founder Urges Reflexer To Expand Market Share By Embracing Liquid Staking Tokens Tensions are flaringbetween MakerDAO and the broader Ethereum community after the founder of DeFi\u2019s largest collateralized debt protocol proposed forking Solana for the project\u2019s future appchain migration. Maker\u2019s MKR governance token dipped 5.6% from yesterday\u2019s high after Ethereum founder Vitalik Buterin, sold […]<\/p>\n","protected":false},"author":2,"featured_media":149878,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-149877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=149877"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149877\/revisions"}],"predecessor-version":[{"id":149879,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/149877\/revisions\/149879"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/149878"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=149877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=149877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=149877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Endgame<\/h2>\n
Appchains Gain Popularity<\/h2>\n