Silk Road’s Ross Ulbricht Brands Ethereum’s MakerDAO a “Cool Concept”

There’s no doubt Ethereum decentralized finance (DeFi) has been a hot trend over recent weeks. Nothing shows this as well as the value of cryptocurrencies locked in With DeFi gaining steam, there have been new voices chiming in. One such voice commenting on DeFi is Ross Ulbricht, one of the earliest known Bitcoin adopters and the founder of the online marketplace Silk Road.

Ethereum’s DeFi Flagship MakerDAO Is a “Cool Concept”

Ulbricht, who is currently serving time in prison due to his involvement in the Silk Road, published a piece on June 26th outlining his thoughts on MakerDAO. He opened it by saying that he thinks the Maker Protocol is a “cool concept” yet noted that the structure of the protocol does have flaws: “Vault owners in the Maker Protocol are doing something similar [to modern banking]. They are holding ether in their vaults, then lending out DAI backed by that ether. […] This is not a good model for Maker to emulate.” Read More...

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