Hadn’t even heard of it until I noticed it enough on the V2 pair leaderboards with such significant liquidity locked up due to their staking offering. It clearly had a bumpy start and it remains to be seen whether it’s a viable competitor. Was it bad on a theoretical level or only a temporary issue with the way their protocol worked? Some would say that in itself makes it bad if it could not accommodate the whims of supply and demand from its users.
If you think about the background, as such MakerDAO has no competitor, as it may soon be integrated in the future and be another collateral of the system.
The more players enter a market, the more the value proposition of each one will stand out and endure, so I think what we present here at MakerDAO is more than up to the task.
It is one more fish in this ocean, I certainly love the fact that it is a stable currency not tied to a fiat currency like the case of RAI. But as Diego says above we run on different tracks and their value proposition is tied to whether people consider that money or not. MakerDAO should not think about competitors after all what makes Defi unique is the union of different protocols to other’s capabilities and integrating them in a new way in yours. FEI failed in a technical way because of a bug in the bounty program and there were even people who took advantage of the system that’s what I understand.
Many call themselves Maker killers but if you compare pegs, use cases, access (whether listed on major exchanges for example), Dai is still very much ahead. Now obviously, Maker governance’s dream and scale is bigger than that
To the tune of “How To Save A Life” by The Fray
Where did FEI go wrong
It lost its peg
When burn penalties led to bitterness
And maybe they could still win the fight
If they know how to save the coin
I remember when Matic was an “Ethereum Killer” and now it is an L2 that changed its focus and vision and now works entirely with Ethereum.
I think that is the path that quite a few Maker Killers will take, in the end as the saying goes, if you can’t beat them join them j
Big money and big brain connections behind FEI. Don’t sleep on them, because sleep is the cousin of death
What does “joining them” look like for a separate protocol? Matic deciding to become L2 actually is cool, not sure how FEI/TRIBE would want to interact with MKR, tho.
Well, I don’t know, maybe in the same way that you proposed in the beginning, maybe FEI will become a collateral of MakerDAO and therefore will be interacting.
I’d be very careful with these kinds of statements. Usually, any project saying that has no competitors means that they haven’t recognize them (which is extremely dangerous).
We fully agree on this one. ; )
First, all L2s need to work with the mainchain. Hence the name (layer on top of the layer).
Second, Matic is hardly an L2. (They announced it though, so it might become one soon™). : D
I do want to echo:
And would also be careful with this:
thank you for your guidance and advice!
I don’t think that part was understood very well.
Thank you Juan, it is always good to hear good advice
Our article on algorithmic stablecoins helped to describe some of the problems. It’s written to showcase what we’re designing with Gyroscope, but still pretty fairly describes the space of algo designs, including Fei.