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Original title: Mindao: Deducing the strange things that will happen in the ETHPoW fork
Since most DeFi protocols support ETH PoS, the parallel universe of ETHW looks like an abandoned field. ? Later I will theoretically speculate that some really stupid and weird things will happen on ETHPoW, especially in terms of governance value.
Let’s first assume that ETHW manages to stabilize at 2% of ETH, which gives it a MC of $3.4 billion.
Here are some examples of DeFi governance weirdos: Aave/Compound have ETH liquidity of US$800 million and US$850 million respectively, so in the ETHW world, they can reach ETHW values of US$16 million and US$17 million respectively. .
Based on this, we can deduce that the governance value of Aave-w/COMP-w can be at least 16 million/17 million US dollars in MC.
So what can we do with Aave-w/COMP-w? Since they all implement on-chain governance, in theory, you can accumulate enough Aave-w/COMP-w to disable the market through proposals. And only any of your own tokens (i.e. 100% owned by you) can be enabled as collateral and lend out all ETHW.
The same can be applied to Curve’s ETH matching pool, which while giving Curve-w some value, is also feasible for all DeFi’s on-chain governance.
There is also an interesting situation involving duplicate governance rights , namely Uniswap on ETHW. If a Uni-w holder decides to MIT its Uni V3 license, will this override its Uni V3 limited commercial license of Uniswap Lab? In theory, both Uni holders and Uni-w holders have the right to do so.
But the real confusion is that over time, the various DeFi governance token holders are divided into different sets of holders, and there is no way to coordinate unless they take action before the fork. . Therefore, Chainlink does not support ETHW initially.
This does not mean that all DeFi will collapse because of this. Things like AMM and Dex that do not rely on oracles (oracles) can still work effectively, and we will see a lot of arbitrage happening there. What if ETHW does not activate replay protection? It is likely that Chainlin’s oracle feeds will be re-located on the ETHW chain.
Based on potential governance hijacking and ETHW value extraction, some DeFi governance tokens will also have residual value . What about protocols like Compound that hard-code USDC to $1? While USDC-W is actually 0, you can buy large amounts of USDC-W for 0 in Uniswap-w.
and deposit it and borrow all ETHW? (In the case of Compound, tx is likely to be restored), but it may also be feasible and effective. Before the fork, it would be prudent for DeFis to theorize about ETHW and take action on its governance token and protocol before the fork,
do not assume ahead of time that everything will work out for the best, what is involved Potential replay risks may affect your mainnet users. Even if they do nothing, just issuing an alignment statement is not enough. The complex situation will severely damage their fans.
Editor in charge: MK
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