DeFi

MakerDAO may expose $1B (!!!) DAI to sUSDE via Morpho: https://forum.makerdao.com/t/morpho-spark-dai-vault-update-1-april-2024/24006

Their existing sUSDe vault is earning 60% APY 🫠

In response, Aave is to consider a proposal to remove DAI as collateral, citing risk concerns. 

Let the DeFi wars begin ⚔️

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Not really a war, so to speak. The Morpho markets for DAI/USDe and DAI/sUSDe hardcode the oracle for Ethena to $1, which isn’t great.

There’s also a proposal on the Maker forum to directly contribute capital to Ethena, which could extend exposure even higher.

Proposed to scale from 100m to 600m DAI to start.

Head of Community @nexusmutual | Safe Governance delegate | Researching risk in DeFi

The ACI is just advocating for risk management, and it may seem like overkill.

There’s valid concerns about the speed that USDe and sUSDe is being integrated across DeFi.

Ethena only publicly launched less than 2 months ago.