Gauntlet proposes deprecating Mai on Aave as stablecoin depegs to $0.72

Gauntlet proposed that Aave should deprecate the Mai stablecoin from lending services due to a large depeg.

The crypto risk assessment firm Gauntlet proposed to the Aave lending protocol that it deprecates the use of the decentralized stablecoin Mai in lending services.

The proposal stated, “Given MAI price drop to ~$0.72 over the past 24 hours and its inability to regain peg for the past few months, Gauntlet recommends beginning the deprecation of MAI. We aim to do so by reducing LT and increasing borrow rates to incentivize repayment.” The issuer has not provided an explanation for the stablecoin trading below the dollar mark for months. The fully diluted market cap of Mai is worth $238 million, with the majority of the supply is issued on the Polygon blockchain.Risks associated with decentralized stablecoins

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