Decentralization and DAO
Is there an intention to make Switcheo a DAO?
We had several problems with different Defi protocols in March, MakerDao had serious flaws and several users of the protocol lost all their invested capital.
Some of these users filed a lawsuit against MakerDAO and a question arose in me.
What is the level of decentralization of MakerDAO and what risks do devs and the protocol itself take in cases of government processes or persecutions?
A lot of this was addressed in the initial Foundation Announcement. You can read it here: [https://blog.switcheo.network/introducing-switcheo-foundation/?utm_source=telegram&utm_medium=social&utm_campaign=switcheo-foundation]
@redsparrow The level of decentralization is an interesting question. MakerDAO makes a great case study for decentralization vs government regulation. Think it is hard to assess some risks if there has been no previous events to refer from. The lawsuit is an indicator that the crypto & blockchain space needs its own set of regulations in times where a decision could not be enforced by the community.
Think the idea behind Switcheo Foundation is to have a DAO in the future.