BitMEX co-founder Arthur Hayes made important statements about an altcoin project that is on the agenda with large whale transactions. He said that a new protocol could cause Terra crash.
Arthur Hayes saw Terra moves in the popular DeFi project
The crypto community has recently been talking about a disappointing proposal from MakerAO co-founder Rune Christensen. The proposal proposed using MKR to borrow the DAI stablecoin. The tweet sparked concern within the crypto community and many crypto experts joined the discussion. BitMEX co-founder Arthur Hayes compared the situation to the ill-fated Terra Luna projects UST and LUNA.
Concerns arise that management tokens will also be sold as part of spiral sales if MKR depletes quickly. According to one MKR delegate, this is an excellent method for lone hackers such as cybercriminals like North Korea’s Lazarus Group, and even those attacking Mango Markets to steal users’ assets. In summary, many experts say Rune Christensen’s proposal to use MKR’s DAI to borrow is dangerous.
On the other hand, the leading names of the stablecoin industry also expressed positive views on the development. Sam Kazemian, CEO and creator of Frax Finance, said:
This is a very interesting aspect. I’m excited to see it live and will try printing DAI with MKR. So basically, will some of the DAI supply be backed by the management token?
A whale wakes up amid controversy after months of inactivity
The DAI and MKR debate was hot in February, during which a whale that had been dormant for more than three months woke up again. This investor owns 24,000 MKR worth $17.4 million.
According to the report from on-chain analytics firm Santiment, “Maker made the biggest whale moves in over 3 months just hours ago. MKR 24,331 ($17.4 million) was moved to a whale address, followed by another move of the same size. On dips, big moves like this are often associated with reversals.
According to Santiment, another move of the same magnitude followed this big transfer. “Maker just traded two identical trades worth $17.4 million, which is the biggest move on the network in more than 3 months,” Santiment said in a chart it released. As Santiment explains for the massive MKR transfer, big trades or big moves during downturns are often associated with positive returns.
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