{"id":10392,"date":"2021-09-21T06:44:56","date_gmt":"2021-09-21T05:44:56","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=10392"},"modified":"2021-09-21T06:45:16","modified_gmt":"2021-09-21T05:45:16","slug":"senator-warren-confuses-makerdao-for-the-dao-a-failed-2016-project","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/senator-warren-confuses-makerdao-for-the-dao-a-failed-2016-project\/","title":{"rendered":"Senator Warren confuses MakerDAO for The DAO a failed 2016 project"},"content":{"rendered":"\n
Senator Elizabeth Warren\u2019s office in a meeting with MakerDAO developers<\/a> stated it has allegedly confused DeFi protocol MakerDAO with The DAO a failed experiment in decentralized autonomous organizations in 2016.<\/h5>\n\n\n\n
\"\"<\/figure>\n\n\n\n

On Sept. 20, a screenshot began spreading on social media that appeared to show members of the MakerDAO community discussing the outcomes of a recent meeting between the project's representatives and Senator Warren's office.\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/p>\n\n\n\n

In the screenshot, the MakerDAO Governance delegate \u201cPaperImperium\u201d claims to have spent a significant amount of time persuading Warren that Maker is not the same project as The DAO, a well-known early experiment in decentralized autonomy organizations (DAOs) that was hacked and eventually failed in 2016.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

According to DeFi Llama, MakerDAO is the sixth-largest DeFi protocol, with a total value locked of more than $8.2 billion.<\/p>\n\n\n\n

Despite the ambiguity, the delegate concluded that the Senator is “not overly interested in us<\/a>,” and that they “have a commitment for another meeting” in three weeks.<\/p>\n\n\n\n

While the screenshots published on social media appear to explicitly quote Senator Warren, a Sept. 17 posting on MakerDAO's governance forum states that the project's delegates will meet with Warren's “economic and banking advisors.”<\/p>\n\n\n\n

The meeting comes as MakerDAO increased its efforts to encourage initiatives that foster discussion between the crypto industry and legislators.<\/p>\n\n\n\n

In recent months, Elizabeth Warren has become a pariah in the crypto business, calling it “the next shadow bank<\/a>” and a “lousy investment.”<\/p>\n\n\n\n

She argued earlier this month that preventing U.S. institutions from keeping reserves to support private stablecoins would be “worth consideration,” as it would “essentially stop the booming market.”<\/p>\n\n\n\n

The DAO was one of the first significant Ethereum initiatives, launching in 2016 after a token sale raised $150 million USD in ETH. The DAO was hacked owing to coding flaws, and $60 million in ETH was taken just three months after it went live.<\/p>\n\n\n\n

It was one of the most heavily funded cryptocurrency projects to date, attracting 14% of all circulating ETH at the time.<\/p>\n\n\n\n

As a result of the attack, the Ethereum community chose to hard fork Ethereum <\/a>to reverse the attack, with dissenting voices opting to keep the old chain, resulting in the Ethereum Classic classic chain.<\/p>\n","protected":false},"excerpt":{"rendered":"

Senator Elizabeth Warren\u2019s office in a meeting with MakerDAO developers stated it has allegedly confused DeFi protocol MakerDAO with The DAO a failed experiment in decentralized autonomous organizations in 2016. On Sept. 20, a screenshot began spreading on social media that appeared to show members of the MakerDAO community discussing the outcomes of a recent […]<\/p>\n","protected":false},"author":12,"featured_media":10407,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[3932,1661,4527,4528],"class_list":["post-10392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-dao","tag-makerdao","tag-senator-warren","tag-the-dao"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/Senator-Warren-confuses-MakerDAO-for-The-DAO-a-failed-2016-project-scaled.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/10392","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=10392"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/10392\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/10407"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=10392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=10392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=10392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}