In the face of a crypto winter, with Bitcoin down 11% in recent weeks, the blockchain industry continues to innovate. The bedrock of this innovation is not without its share of controversy, as major shifts and discussions take place within the epicentres of this technological surge.
MakerDAO’s Rune Christensen, a key player in decentralized finance, astounded the community by showing a willingness to migrate away from the Ethereum blockchain. His sights are now reportedly set on rival technologies – Solana or Cosmos – reflecting the search for a dedicated blockchain to host the project. His suggestion of cloning Solana’s blockchain, citing its “most promising codebase” and resilience during the FTX exchange debacle, has shocked many due to his previous dedication to Ethereum.
This move didn’t go unnoticed by Ethereum’s co-founder, Vitalik Buterin, who seemed miffed and puzzled at MakerDAO’s possible change of heart, questioning whether the project was going off on tangents to the detriment of its stability.
Meanwhile, another layer of debate expands with the idea that Ethereum should have its “Supreme Court” to settle disputes. This concept was proposed by Alex Gluchowski, CEO of Matter Labs, suggesting that humans might be superior arbiters over code in certain extraordinary situations. It challenges the blockchain mantra of “code is law,” which upholds the idea that a network’s underlying programming settles disputes, no matter the impact.
Adding fuel to Ethereum’s challenging week, Visa announced its expansion of stablecoin settlement facilities to Solana, which may strike as a pinprick to the Ethereum’s market position. Solana Labs co-founder, Raj Gokal, was quick to state that Solana was “battle-tested” and ready to take on major roles.
However, it’s not all about Ethereum’s tribulations. An interesting development in the Base ecosystem was the emergence of Aerodrome Finance, which quickly garnered over $170 million of total value locked. Operating as the primary liquidity engine, it’s claimed that its native token, $AERO, offers liquidity mining rewards with an annual yield close to 1,000%.
That being said, a concise remark from the newsletter Wu Blockchain serves as a cautious reminder for the volatile crypto world: “Money doesn’t materialize out of thin air.” This ominous statement seems to encapsulate the high-stakes environment of blockchain technology and crypto market progression. Amid all these tech advances and debates, one must remember the basic laws of finance still apply.
Whether it’s MakerDAO considering a new blockchain home or debates over disputes resolution, it’s clear that there’s a lot more icy paths to tread during this crypto winter.
Source: Coindesk
