Maker (MKR)
$519.00 (1.57 %) View coin
News
02 April 2020

Maker outlines plan towards full decentralization by dissolving the Maker Foundation

In the weekly governance call, CEO of the Maker Foundation Rune Christensen presented the Self-Sustaining MakerDAO Initiative that would result in the dissolution of the Maker Foundation, the key entity leading development and governance of MakerDAO. As part of the new Governance Paradigm, Rune discussed three core pillars: 1. Elected Paid Contributors (EPCs) and Domain Teams EPCs and Domain teams would effectively replace the various functional groups within the Foundation which has been funded through various token sales, but going forward will need to be paid through the protocol itself. 2. Maker Improvement Proposals (MIPs) MIPs will look similar to other improvement frameworks and are designed to standardize the upgrade process from both a technical and social perspective. 3. Vote Delegates Delegates will have the ability to vote on behalf of MKR holders who don’t wish to actively participate in the governance process allowing them to have a say in governance without needing to stay informed enough to make decisions on complicated matters.

Why it matters - Open Finance teams have often been criticized for operating under the guise of decentralization while in reality, a central entity maintains near full control. Dissolving the organization that has maintained substantial power of the protocol would be another major step towards the goal of fully decentralizing.

  • The Maker Foundation has operated like a traditional startup with legal, accounting, marketing departments, etc. all funded through money raised from venture capital. Once it's dissolved, all of these functions will have to continue to serve their respective functions in a more decentralized manner which could create substantial operational hurdlers and couple prove to be unsustainable in the long run.
With the markets running hot, crypto exchange listings have seemingly become a catalyst for price movements. It’s almost 2017 all over again. The trend is readily apparent when looking at Coinbase’s most recent additions. Nearly every new listing has seen a substantial boost in price on the day Coi...
News
13 August 2020
The Current State of YAM
Three days after the launch of YAM, a bug in the rebasing contract has minted far more YAM than intended and has permanently disrupted the governance module. This bug flooded the protocol reserve during the second scheduled rebase, and given Yam’s governance model, it has made it impossible to reach...
Today Maker became the first DeFi protocol to surpass the $1 billion total value locked mark. Nearly $900 million of that TVL is ETH. Source: DeFi Pulse Since Compound’s distribution patch passed June 30th, which made Dai more attractive to liquidity mine with, Dai issuance has soared more than $...

3 coins to keep an eye on 👀