This is a 1 sip of lukewarm coffee gmgm idea. Please let me know if this conversation already happened in MiCA context.
It has always struck me as an abdication of sovereignity of Gnosis to Maker to have DAI as the super user operating as root over this ecosystem. There have been some discussions recently around changing that; but what would be a lot more beneficial is for Gnosis chain to give up the american US dollar to favor eurozone integration. Some reasons:
Majority of stakeholders are (or at least seem to me to be) EU community constituents.
MiCA USD stablecoin(s) limitations can potentially affect the network and its sustainability.
It would at such make more sense to benefit from popularizing Circle EUR (or any other vendor or a natively issued EU bank EUR basket - potentially getting yield for it) than incentivising use of high friction USD.
I do believe this can be a strong differentiator and cornerstone to resilient and tangible network effects.
I see the problem point and the desired direction - generally agree.
Right now the Gnosis equivalents - namely xDAI and sDAI don’t have the blacklist function.
So the big risk factor is the bridged USDS on Ethereum.
Doesn’t Circle EUR also have their blacklist function?
I suppose the solution would be something in this direction → setting up another decentralized stablecoin without blacklist option or attack point which could enforce such thing.
This means staying in the greyzone of how MICAR does not say anything about truly decentralized stablecoins. Still major exchanges disabled these greyzone assets for their EU users.
The solution must be designed well and grow well enough to become resilient.
Maybe an implementation in the direction of not pegging 1:1 to one Euro - rather setting up a peg to a basket of stables? Maybe: EUR, CHF, JPY, USD
Could be very interesting - not easy to implement - maybe would have to rely on Chainlink on asset prices, which is not optimal - More optimal is to take on-chain values like weighted time averages of immutable and available swap pools. But then the next link is the CHF JPY and EUR stables available - but unfortunately the demand is somwhere in this chain that an attackable organisation needs to take on the responsibility and manage a blacklist. Which is nasty.
MakerDAO had it well thus the DAI was a really great choice - however it seems it got corrupted.
Through many angles corruption always creeps in - actually it’s always the people through which it creeps in^^.
With publicity and adoption the pressure towards corruption increases.
How to deal with it?
Navigate the current half-corrupted crypto landscape with good strategic thinking, trying to find a way out?
Start all over from scratch?
The no-choice option which is “stay with the status quo” is the harder to navigate. So either we move forward really careful and smart. OR we abandon our lazyness and take hardship as the only path to real growth.
This said I really think the current situation on the Gnosischain is pretty much acceptable - if the corruption does not advance furtherly. Therefore we need to take careful action.
At the same time this is a very relevant building-space where we may build more corruption resistant systems where still people are in control democratically.
Maybe we can make CRC (cricles) the gas token?
Seems like GNO and ETH are the best candidates now.
No more competitive advantage (if that was the reason) for having a stablecoin as gas token post pectra.
