MakerDAO, creator of the DAI stablecoin on Ethereum which it issues by way of a collateralized debt mechanism, has announced a new decentralized stablecoin called PureDai.
MakerDAO’s creator Rune Christensen tweeted a novelesque tweet announcing PureDai on Wednesday May 15th. At that moment, Moon transited at the beginning of Leo in almost exact kendra to Jupiter, Who entered the sign of Taurus two weeks ago.
Dividing the sky of an infinite radius extending outward from the center point, Earth into 12 equal sections, kendra means the planets are at the same degree, 3, 6 or 9 sections displaced from each other. At the moment of Rune Christensen’s tweet, a person standing on Earth in a place where Moon was rising on the Eastern horizon, looking directly above or ahead would have seen Jupiter.
PureDai will have a free floating peg and will be backed by collateralized ether and Lido stETH. Its value will be ascertained by fully autonomous decentralized oracles and based on the market dynamics of those two underlying collateral assets. This means that it will llikely not be pegged to the US dollar. As per Rune Christensen’s tweet, PureDai will launch “in a few years.”
The planet Jupiter generates expansiveness and fulfillment on Earth, and also generates new normative policy. He is the Advisor to the Sun, the King, Who is represented on Earth by heads of state. This is why Jupiter’s orbit around Sun creates tidal forces which generate solar activity such as solar flares—He is capable of changing even that which is most permanent in our solar system. Taurus where Jupiter will travel through to mid-May of 2025 generates liquidity.
Over the next year, the concept of liquidity will be modified in a way that will generate more positivity on Earth on the long term. However, the inherent health of any financial product which relies on stETH as collateral depends on the internal health of the Ethereum ecosystem.