Too much centralization on many stablecoins

[the_ocs]

Here’s something that bugs me: Stablecoins are too centralized.

I’m not here talking about the pure on-chain coins, like the WETH contract. I think the WETH contract is an example of what we should strive for.

Instead I’m thinking of DAI or similar, stablecoins that have lots of code with dependencies on price feeds and a never ending stream of policy updates.

These dependencies are contributors to centralization, and it risks bringing in much of the same risks as in traditional finance. They also come with a profit seeking element, bringing back rent seeking on the blockchain.

We should strive for more on-chain automation and decentralization.

[Author]

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