I am a long-time user of the MakerDAO system, and for MakerDAO to become a viable solution for a globally decentralized stablecoin, a few items need to change:
- Provide a way for negative interest rates to be used in the system, so in a crisis, the DAI price can be incentivized to return back to its peg of $1.00. Although the addition of USDC I suspected was going to come at some point, there are other options.
- If Vault owners lose money due to a system glitch, they should be re-paid. The argument that Maker is an experiment is not a reason with the release of MCD. What I propose is a way for Vault owners to be paid back for lost funds due to system related issues, which can be tracked via the blockchain. One way this could work is with having a portion of the interest paid from Vault Owners into a debt pool, that is then fed into target vaults until the lost funds are = 0.
The above two items I believe could help instill confidence into MakerDAO and provide a pathway for it to manage in times of crisis in a better way, and additionally allow Vault Owners to trust that their funds are safe.