The other day, while swapping out of a position back into stablecoin, I had a flashback of DeFi Summer when I'd find myself debating with friends, anons and randos about which stablecoin was best. At the time, those in my circle seemed to like DAI the best, and there was genuine excitement for MakerDAO as an innovative group of people attempting to democratize the governance of a whole stablecoin project, challenging shady-ass USDT and over-centralized USDC. Supporting DAI at the time felt like a matter of principle if you were a decentralization maxi or at least hard adjacent.
I haven't touched DAI in at least a year. None of us have. Wha happened?
The MKR governance token price pumped and some of us FOMO'd in near the top (not me). The biggest disappointment, however, wasn't even the crash in price. Toxicness plagued the community as this social experiment, arguably the first of its kind, unraveled on Twitter. That wasn't even it. Suspicions of centralization were eventually confirmed, and members started leaving; those who remained voted less and less.
Their pivot in 2022 to the Endgame campaign to rework their decentralization sounds promising. It's unfair to expect one of the first and most ambitious DAO projects to succeed immediately. Because, humans. Now, they can build back with hard lessons learned and lived through, which others yet haven't. Show Less
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