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Uranium-Backed Stablecoin? Maker Proposal Goes Nuclear
The latest proposal to back Maker's DAI stablecoin with tokenized uranium might not be as crazy as it sounds.
October 07, 2023
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The so-called Endgame Plan is evolving quickly–and weirdly–over at Maker.

Now, after adding vanilla t-bills and accounts payable to the blockchain, a new proposal is looking to add tokenized uranium.

“Our goal is to democratize ownership of uranium by providing stability value, and easier access to exposure to a commodity that is growing in importance,” reads the proposal penned by Uranium3o8.

The element is growing in popularity of late as various nations either restart their nuclear ambitions in the name of energy or lay out fresh plans to reboot their power grids.

The details are scant, but one would suspect that these tokenized fuel rods would be onboarded to the Maker protocol.

Once added, all that DAI floating around the ether could get a nuclear-backed boost from the tokenized uranium.

When reached for comment on how serious this proposal was, a spokesperson for Uranium3o8 told Decrypt that it is indeed legitimately interested in becoming a DAI backer.

"If they also have interest in this, I am sure we can find a way to make it happen. A lot of work needs to be done for us to get to that point - but we’re in it to win it," they said.

As for the Maker team, well, anything's possible for a DAO right?

MakerGrowth told Decrypt "this proposal is a contribution from an individual within the MakerDAO community and is currently being assessed by members of the DAO. The Maker forum is open to contributions from anyone in the MakerDAO community."

The above-mentioned Endgame Plan was whipped up by Maker’s founder Rune Christensen to generate as much revenue for the protocol via yield from real-world assets.

This revenue would then, at least per the plans laid out, be converted to Ethereum.

With a massive, censorship-resistant treasury, the thinking goes that Maker’s decentralized stablecoin would be immune from government capture. (Remember, the plan was put in place shortly after the Tornado Cash sanctions.)

Both ideas–tokenizing a volatile element and then using it to back crypto dollars–are kinda nuts.

The first is nuts because, based on the proposal and the project’s marketing materials, it describes real, nuclear-grade uranium.

The project also briefly touches on a redemption mechanism to recoup one pound of Uranium backing each token.

When asked on Twitter about the redemption process, the project said that folks who are licensed and “meet the minimum threshold” can have that uranium shipped to their house.

That minimum threshold, by the way, means holding a minimum of 20,000 uranium-backed tokens–which, per Uranium3o8, also represents 20,000 pounds, or 10 tons, of actual uranium.

The Uranium3o8 spokesperson further added that it's not responsible for the shipping of the live uranium. Instead, they've tapped a Canadian mining firm called Madison Metals.

"Anything to do with touching, transporting, or approving delivery of the underlying uranium is executed by them according to industry standard compliance and regulation," they said.

Some are still unconvinced, though, with another account writing simply: “feds.”

And the only comment responding to this rather mad proposal is a picture of an FBI agent working at a laptop with his glock placed just next to his work-from-home station.

For a stablecoin, adding Uranium as collateral seems… well, volatile.

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Source

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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain are EternlTyphonVesprYoroiLaceADAliteNuFiDaedalusGeroLodeWalletCoin WalletADAWalletAtomicGem WalletTrust and Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention to Non-Custodial and Compatibility fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

Source

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XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

 

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