I also think BSC does not follow the same ethos as MakerDAO. If MakerDAO were to launch on a side-chain, I would expect to only allowed bridged assets as backing. Ignoring Binances questionable centralization of nodes, the Binance-pegged assets are not secure. There is a case you can make that BUSD is no different from USDC if its held in a trusted bank account, but “Binance-pegged ETH” should NOT be considered collateral.
I’m not opposed to using side-chains though. xDai is a very promising platform which is launchable today, with a much better decentralization with their nodes. Matic/Polygon is launchable today as well. DOT will be usable in the near future.
In the xDai world, 1hive is the DAO running Honeyswap. They have recently released Honeyswap on Matic/Polygon and are working on cross-chain swaps between the networks, and then creating a L2 rollup that supports both chains. Once that is done, the live Uniswap can be plugged in to their L2 solution (as Honeyswap is just Uniswap using the same LP tokens), making it a tri-chain cross-chain swappable platform with L2 rollups.
I believe that type of approach is where MakerDAO should go. Don’t focus on BSC, but instead launch on xDai, Matic/Polygon and BSC, but only allow tokens that originated from ETH as collateral (unless a chain has native tokens that the DAO votes it in). Collateral happens on-chain from only trusted tokens, and develop a L2 solution that allows DAI to be issued on any chain, using collateral only trusted from that chain.
I would prioritize though a xDai or Matic/Polygon launch over a BSC launch. Similar to how 1hive is doing xDai + Matic/Polygon and THEN adding Eth support last once its plug-and-play, I think it would be best to use xDai and Matic/Polygon as the side-chain, build the L2 solution, and THEN decide if BSC is appropriate or not.
EDIT: Or, include BSC from the start, but make the L2 solution let the DAO decide which directions issueing DAI works. For example, if you lock your ETH vault to use in L2, you can issue DAI / DAI on xDai / DAI on BSC, but if you have a BNC vault on the Binance chain and lock that for use in L2, give the DAO the ability to restrict DAI minting to only DAI on Binance if they choose. This extra lever of control would let us decide which DAI issued coins are allowed to be “Fungible” with the other. It would let us discriminate and say “ETH/xDAI/Polygon vaults on L2 can issue each others DAI, but BSC vaults can only issue DAI on BSC”. If BSC was to ever go down, we know DAI isn’t polluted with BSC collateral and DAI will retain its full value. If BSC ever becomes truly decentralized in its nodes, the DAO can then choose to lift this restraint.