MakerDAO Risk Leader: ProgPoW may put DeFi at risk, Maker may need to stand as soon as possible

Source: Twitter

Compilation: block rhythm

MakerDAO head of risk Cyrus Younessi tweeted yesterday that if Ethereum uses the ProgPoW algorithm, the DeFi protocol will be put at risk.

Cyrus Younessi said that if you are concerned about mortgage-based DeFi systems, such as Maker / Dai, Compound, dYdX, etc., please consider your attitude towards ProgPoW. I think the current priority is to prevent controversial divisions, not to approve / reject ProgPoW.

If we can predict in advance that ProgPoW will inevitably lead to the division of the Ethereum community, then the DeFi protocol can only increase the mortgage rate (to increase the mortgage rate to 200%? Or 250%?) In order to ensure the security of the ecosystem, but it is the same way. It will also lead to other problems such as liquidation.

Cyrus Younessi also issued a personal opinion that ProgPoW supporters are responsible for not causing the blockchain to split; if Ethereum can't avoid the ProgPoW hard fork in the end, can it launch a backup client to maintain a reliable non-ProgPoW fork chain; For the Maker community, doing nothing is more risky, and it's better to choose early.

ProgPoW aims to transform Ethereum's hash algorithm into an ASIC-resistant PoW algorithm. BlockBeats reported that God V was critical of the "pass" approach of ProgPoW's proposal. God God V said that he could be neutral on this matter and only criticized the decision-making process. However, in the past two years, he has also three or four times subtly made it clear that he doubted that he was in favour of the proposal, and of course he did not explicitly say "disagree".