Senator Warren’s office confuses MakerDAO over The DAO project that failed in 2016

The recent dialogue between the developers at MakerDAO and Senator Elizabeth Warren’s anti-crypto bureau revealed that the current decentralized finance (DeFi) ecosystem is unknown.

On September 20, a screenshot began circulating on social media showing a dialogue between members of the MakerDAO community discussing the conclusions of a recent meeting between representatives of the MakerDAO community, the project, and Senator Warren’s office.

In the screenshot, MakerDAO’s governance delegate, nicknamed “PaperImperium,” claims he spent a lot of time convincing Warren that Maker is not the same project as The DAO – an infamous early experiment in organizations The decentralized autonomous organization ( DAO) previously suffered a major hack it failed in 2016.

MakerDAO is currently the sixth largest DeFi protocol, valued at more than $ 8.2 billion in total, according to DeFi Llama.

Despite the confusion, the delegate also concluded that the Senator “doesn’t care much about us,” adding that they have “commitments for another meeting” due in about three years.

While screenshots shared on social media claim to quote Senator Warren directly, a thread dated Jan.

The meeting follows MakerDAO’s growing efforts to promote initiatives that create a dialogue between the crypto industry and lawmakers.

Elizabeth Warren has become an advocate of the crypto industry lately, calling cryptocurrencies a “new shadow bank” and a “bad investment” for the past few months.

Earlier this month, she suggested that it was “worth considering” banning US banks from holding reserves to support private stablecoins in order to “effectively end the rising market”.

Related: Senator Warren goes after Ethereum network fees during committee hearing

The DAO was one of the first major Ethereum projects launched in 2016 after raising $ 150 million in ETH through a token sale. The DAO was hacked due to a code vulnerability and less than 3 months after its inception, $ 60 million was stolen from ETH.

It’s one of the most heavily invested crypto projects to date, attracting 14% of all ETH in circulation at the time.

As a result of the crash, the Ethereum community decided to hard fork Ethereum to reverse the attack, with voices opposed to keeping the old chain in order to create the classic Ethereum Classic chain.