MakerDAO moves toward decentralized governance

Maybe it's time to say "goodbye" to the Maker Foundation in advance.

At 21:23:36 on May 3, Beijing time, at the block height of Ethereum 12361485, the Maker Foundation transferred 84,000 MKR to the DSPause Proxy contract of the MakerDAO governance module. the

As the transaction is confirmed on the chain (transaction hash: 0x00eb240abcc7c5e8d322e8ce545c7d32f21204f81c437a1d40c12c2962ceee68), the Maker Foundation will officially give up on The control of the 84,000 MKR development funds, all MKR holders will jointly determine the use of the funds through governance.

MakerDAO Introduces Redesigned Voting Portal: MakerDAO has announced the introduction of a redesigned, easier-to-use voting portal, according to the official blog. The new Voting Portal page provides brief information on current executive voting. [2020/10/21]

This decision of the Maker Foundation has won a good market response. Although there has been a certain correction today with the overall market downturn, a few hours after the transfer of control (in the early morning of May 4th), MKR once pulled up At this price, the value of the 84,000 MKR transferred this time will be as high as $530 million.

Since the official launch of MakerDAO in 2017, the Maker Foundation has been playing a key role in the development of the project. With the support of the foundation, the supply of DAI has grown from zero to more than 4 billion pieces, and has gradually grown into a major asset in the entire DeFi world. A solid foundation. However, after the completion of the transfer of control over the development fund, it may be time to say "goodbye" to the Maker Foundation in advance.

MakeDAO incorporates a series of governance votes into the voting system: According to the official blog, on September 22, the Maker Foundation smart contract team has incorporated a series of governance votes into the voting system. If this implementation proposal passes, the following adjustments will be made: 1. Whitelist Opyn on the ETHUSD Medianizer Oracle (MIP10c9-SP7); 2. Whitelist Kyber on the ETHUSD Medianizer Oracle (MIP10c9-SP11); 3. .Whitelist DDEX on BTCUSD Medianizer Oracle (MIP10c9-SP8); 4. Whitelist Yearn Finance on BTCUSD OSM Oracle (MIP10c9-SP10); 5. Update data on ETHUSD Oracle (MIP10c7-SP1) Model; 6. Prioritize the use of RWA (Real World Assets/Entity Assets) as collateral in the short term; 7. Increase the BAT debt ceiling from 5 million Dai to 10 million Dai; 8. Increase the ETH-A risk premium from 0% to 2%; 9. Basic rate adjustment (support can be expressed in the range of -4% to 4%); 10. Monthly MIP governance voting. Executive voting will continue until the number of votes exceeds the total number of votes of the previous executive voting. [2020/9/22]

MakerDAO will officially increase the debt ceiling of ETH and USDC to 220 million and 80 million respectively: MakerDAO has just announced that it has passed an executive vote to formally raise the debt ceiling of mortgaged ETH to 220 million, and raised the debt ceiling of mortgaged USDC-A to borrow Dai To 80 million, the effective time is 12:57 on July 23, Beijing time. [2020/7/23]

As early as April last year, the Maker Foundation stated that it planned to begin handing over governance power to the community within the next two years. At a governance conference in early 2020, the Maker Foundation outlined an envisioned framework for a self-sustaining decentralized autonomous organization (DAO). Rune Christensen, CEO of the Maker Foundation, also made it clear: "The current reliance of the Maker ecosystem on the Maker Foundation is unsustainable in the long run. The Maker Foundation needs to accelerate its dissolution and begin to transfer its risk management capabilities to the community. "

MakerDAO added WBTC as Dai collateral: According to MakerDAO official news, today, MakerDAO passed an executive vote to add WBTC as Dai collateral. WBTC (wrapped Bitcoin) is an Ethereum ERC20 token issued through multi-party custody and 1:1 anchored to BTC. WBTC is the fourth collateral included in the Maker protocol after ETH, BAT and USDC. Now, users can open the Maker vault to mortgage WBTC to generate Dai through Oasis.app. [2020/5/3]

On the occasion of this milestone progress, the Maker community once again discussed the dissolution of the foundation and the subsequent "organization" transformation. In an interview with the overseas cryptocurrency media The Defiant, Nadia Alvarez, who is in charge of Maker's business growth in Latin America, said: "For the entire Maker community, this (the transfer of control of the development fund) is obviously a big event. It is to accomplish an ultimate goal - to achieve true decentralization. The Maker Foundation is disbanding, and each team will use the "Core Unit" as a unit to restart its work with the support of Maker governance. We will Seeing the positive impact this will have on the entire Maker community makes it stronger."

Sébastien Deriaux, who is engaged in Maker's real-world financial expansion, further stated that under the management mechanism of DAO, the operation of the "core team" needs to strictly follow the "core unit framework". Currently, at least 10 teams have submitted proposals to continue operating under the DAO's support and oversight, including Alvarez's Growth Core Unit.

Odaily Planet Daily Note: The "core group framework" is the specific specification formulated by the Maker community for the establishment and operation of the core group after the foundation is disbanded. The framework requires that the establishment of the core group requires a proposal application and must be approved by the governance of the Maker community.

Deriaux further stated that the first two core groups will be composed almost entirely of ex-Maker Foundation employees, but the three core groups of governance (Governance), risk management (Risk) and real-world financial work (Real-World Finance) Members will only ever work for the DAO.

For Maker itself, standing at the current time node, although it is difficult for us to judge whether the core group model is better than the foundation model in terms of specific operating effects, there is one thing that is basically certain—the Maker Foundation The dissolution of the association will significantly reduce the regulatory risk of the project, because the DAO is not a legal entity. Under the new organizational model, Maker will eventually move towards complete decentralization controlled by the community.

From an industry perspective, Maker's decentralization efforts will undoubtedly have a profound demonstration effect on the entire DeFi world. If the Maker Foundation finally completes the dissolution work in the future, it will become the first legal entity in the encrypted world to give up its asset control and ecological detached status in order to realize DAO. In terms of the demonstration effect, it may be just like the impact of Coinbase's successful listing on other CEXs that intend to impact the traditional capital market.

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