Senator Warren’s office confuses MakerDAO for failed 2016 project The DAO
Recent dialogue between MakerDAO developers and the office of anti-crypto Senator Elizabeth Warren’s has revealed a concerning lack of familiarity with the current decentralized finance (DeFi) ecosystem.
On Sept. 20, a screenshot began circulating on social media appearing to show dialogue between members of the MakerDAO community discussing the conclusions from a recent meeting between representatives of the project and the office of Senator Warren.
In the screenshot, pseudonymous MakerDAO Governance delegate “PaperImperium” claims to have spent much of the time convincing Warren that Maker is not the same project as The DAO — an infamous early experiment in decentralized autonomy organizations (DAOs) that suffered a major hack before failing in 2016.
MakerDAO delegate @ImperiumPaper and @SenWarren meeting highlight:
“I spent much of the time convincing her we’re not the DAO” pic.twitter.com/ZIUIBwaAEZ
— banteg (@bantg) September 20, 2021
MakerDAO is presently sixth-biggest DeFi protocol commanding a complete cost locked of greater than $eight.2 billion, in keeping with DeFi Llama.
Despite the confusion, the delegate additionally concluded that the Senator is “not incredible inquisitive about us,” including that they “have a dedication for some other meeting” that is predicted to take region within kind of 3 weeks.
While the screenshots shared to social media claim seem like mentioning Senator Warren directly, a Sept. 17 thread posted to MakerDAO’s governance discussion board shows the project’s delegates could be meeting with Warren’s “economic and banking advisors.”
The assembly comes after growing efforts from MakerDAO to sell projects organising speak between the crypto industry and lawmakers.
Elizabeth Warren has these days end up a pariah to the crypto enterprise, labeling crypto as “the brand new shadow financial institution” and a “lousy funding” in recent months.
Earlier this month she advised it would be “worth thinking about” prohibiting U.S. Banks from conserving the reserves to again non-public stablecoins in a circulate that might “effectively cease the surging marketplace.”
The DAO turned into one of the first main projects on Ethereum, launched in 2016 after elevating $150 million USD really worth of ETH thru a token sale. The DAO changed into hacked due to code vulnerabilities and $60 million in ETH became stolen less than three months after it released.
It became one of the most closely invested crypto tasks up to now, having attracted 14% of all circulating ETH on the time.
As a result of the incident, the Ethereum network opted to difficult fork Ethereum to reverse the attack, with dissenting voices preserving the old chain to spawn the Ethereum Classic traditional chain.