I was there when Synthetix (Haven) launched. We reviewed this @concourseqio. Synthetix was never extractive. It was risky, but it pushed the industry forward opening the design space.
Kain is one of the most ethical founders crypto has ever had.
1) You have no idea what you are talking about (expected)
2) Overall, not interested in the opinion of a person who created a protocol that "check notes" allows to mint a stablecoin against a token that the protocol created itself. It is not very different from terra/luna, where Do Kwon was minting UST against Luna he had and selling for real stables. Creating SNX, issuing yourself an allocation and minting stablecoins just like that and selling it for normal stables until the SNX price went to complete shit and SUSD stablecoin depegged completely. Everything about it is an extraction from the ecosystem. Terra was greedy and had a 1:1 minting process, you were wiser and introduced a 700% overcollateralization ratio or whatever, so it lasted for 7 years instead of 1 like UST.
Nowadays, "builders" become too hasty and rugpull on TGE before shipping the product, OGs know that slow rug allows them to stay relevant for years, raise for new projects, launch new tokens, start VC companies, buy other protocols for a sack of rice, get grants for half-dead projects, and overall max extract on every possible occasion, etc.
Everyone in this space already knows who’s real and who’s not.
It’s time we stop staying quiet and start calling out these scams when we see them.
Retar Dio
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