Hey, yo what’s the groove with the Dmitry Art.
You should know by now, but my name is Dmitry, the host of the crypto channel, who will dance with you for a bit, but when we get over it...Destroy! You know our ponies polka, it’s time forDmitry Crypto! One by one, we’ve gone down the ethereum rabbit hole this week, covering critical infrastructure pieces. We’ve covered, scaling, data availability, decentralized oracles, privacy & identity….that just leaves us two general sections to cover, critical defi infrastructure & critical dao infrastructure. So, let’s start it out with DeFi. Now, you should know by now, DeFi stands for decentralized finance. If it’s not decentralized at its core, it’s not DeFi. And let me tell you there are many, many centralized DeFi fakers out there.\
So, what is the critical DeFi infrastructure we should be paying attention to? Well, a decentralized, unstoppable stablecoin. So who has the first mover advantage, and the infrastructure built on ethereum, positioning itself to be the stablecoin leader far into the future? Hand down..it’s Makerdao & Dai. Maker is the governance token, and Dai is the stablecoin, which is created with crypto asset collateral, held in smart contracts. So anyone can use it, to create stable currency, at anytime & since it’s just computer code, it can't be shutdown, unless Ethereum get’s shut down which is next to impossible. So there’s other “stablecoins” out there Dmitry, why Dai?
Well you know my thoughts on USDT..centralized bomb ready to go off. USDC, TrueUSD, Paxos...centralized. Although there’s more of a reason than just centralized vs decentralized. Now each of these are erc20 tokens, they can have devs build on top of them, and expand their use cases. So which one has all the developers? Dai does, not so much the others.
Per example...how many different forms of dai are there right now? There's the scalable xdai, a collaboration between POA and makerdao, there’s the private zkdai, from aztec protocol who we covered yesterday...shoot, it’s long list of dai forms, jordan lyall has them all on github, 26 different forms on the mainnet, 11 in development, and 2 new ideas. You don’t even see 1 percent of this development on the other stablecoins. There is no zkusdc, there is no x-tether...and like I always say, follow the DEVs. And, because of this you don’t see near the mainstream implementations. Centrifuge Tinlake..using Dai, PoolTogether using Dai, Sablier Money Streams using Dai.
You see the common theme? And that common theme is continuing….2 days ago, they tweeted “Huge Drop with foundation app, Some sweet NFTs are up for grabs, and you can use $Dai to make them yours:
And foundation is a pretty sweet app, uniswap unisocks inspired, where limited edition physical items are tokenized, and they can be sold and resold, and the price is based on bonding curves...but, as you can see clicking on buy, it’s not a lie, it’s built on dai, but there actually using the scalable version of dai, xdai. Stable, thus being used in mainstream apps, critical DeFi instructure piece number 1, what is the next piece? Well the swapping of assets & you guys know better know I’m going to bring up Uniswap...it’s dominating DEX’s, with over 58 percent market share, and the volume over 408 million dollars, which is unheard of for a DEX & in the past, only centralized exchanges saw that type of action. Uniswap has had vampire attacks, week after week, which it’s brushed right off...and It’s becoming clear that Uniswap isn’t going anywhere anytime soon, and is the de facto asset swapper on Ethereum’s mainnet. So, building a swapper, right on top of Ethereum which does the same things as Uniswap...fail. Building a swapper, which can’t compete with liquidity fon mainnet ethereum fail. Building a swapper on a vampire, bullcrap say your
