PANews reported on December 18 that Mikko Ohtamaa, co-founder of Trading Strategy, criticized Polygon for utilizing user-bridged USDC deposits in funding markets (such as Morpho), arguing that this transfer poses a number of dangers:
- Destroying the phantasm of self-custody: Though the Polygon bridge is managed by a multi-signature pockets, this operation breaks customers’ belief in self-custody.
- Attracting regulatory consideration: Fund flows involving billions of {dollars} are prone to appeal to vital consideration from regulators and the media.
- No consumer alternative: At present, customers can not select whether or not to take part within the mechanism, which lacks transparency.
- Double counting drawback: Bridged USDC is used for lending providers on Polygon and on the identical time in Morpho on the mainnet.
He prompt that Polygon discover extra clear methods, such as launching an impartial bridge service, permitting customers to decide on to alternate USDC for “Polygon yield-based USDC.” As well as, he talked about that Circle has launched a non-bridge model of USDC on Polygon, but it surely has not been extensively adopted as a result of it was launched late and is incompatible with the bridge model of USDC.
Associated studying: Polygon Ecosystem Crisis: AAVE and Lido Withdrew Collectively, Caused by the “Borrowing Chickens to Lay Eggs” Proposal
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