Former dai stablecoin developer Nikolai Mushegian drowns in Puerto Rico: El Nuevo Día

Quick Take

  • Notable blockchain developer Nikolai Mushegian has died at the age of 29.
  • Mushegian was the co-founder of Balancer and a former contributor to MakerDAO.

Nikolai Mushegian, former dai stablecoin developer and co-founder of the Balancer exchange, has died at the age of 29 in Puerto Rico, local police told El Nuevo Día newspaper.

Mushegian had a swimming accident at the country's Condado beach caused by strong ocean currents at the beach, the report said.

Many in the crypto industry offered their condolences on Mushegian’s passing. “Sad to hear about Nikolai Mushegian. He had a big impact on crypto with his contributions. RIP,” said Nansen Founder Alex Svanevik on Twitter.


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Mushegian left behind a wide array of blockchain-related works. He co-founded Balancer, one of the largest decentralized exchanges on Ethereum. 

He also served an important role in the creation of the dai stablecoin as a technical partner for MakerDAO. Beyond this, he made significant contributions to BitShares, and the rai stablecoin, according to his own website.

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