Following a governance vote carried out this week, MakerDAO should eventually split into several entities called “MetaDAOs” and thus abandon its “Core Units” system. However, some observers pointed to the influence of Rune Christensen, the founder of MakerDAO, in a significant proportion of the addresses that voted in favor of the proposal.
MakerDAO reviews its structure
Following a governance vote finalized on October 24 and awaited for many months, MakerDAO should atomize into several independent entities called “MetaDAOs”. This proposal, written and put online by MakerDAO founder Rune Christensenhowever, has been subject to debate.
Indeed, during the period open to voting, the investment giant Andreessen Horrowitz (a16z)which holds MKR tokens, opposed this dislocation of MakerDAO by simply proposing to improve the already existing system, in order to combine decentralization and growth by reducing the risks of economic instability.
As MKR token holders, MakerDAO community members can participate in governance votes to guide the future of the project. This process, inherent in decentralized finance (DeFi), makes it possible to share power fairly within a project. To learn more, read our page dedicated to Decentralized Autonomous Organizations (DAOs).
Thus, the proposal having received a majority of votes in favor, autonomous groups will see the light of day and will be governed by their own governance tokens and votes.
Voting results for the “Endgame” proposal
In doing so, the change in the structure of MakerDAO, hitherto composed of “Core Units” responsible for overseeing the evolution of the essential aspects of the platform, should, according to Rune Christensen, increase decentralization.
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A debatable purpose
Some observers, like Hasu, who works as a researcher at Paradigmstrongly criticized the Endgame proposal, pointing out in parallel the possible coup de force of the founder of MakerDAO:
The Endgame Plan is an exceptionally bad proposal, and it’s really sad for Maker that it passed the signal (shoved through by @RuneKek singlehandedly in face of strong and justified criticism.)
How much of it will actually be implemented remains to be seen https://t.co/MSO2eNoRwF
— Hasu⚡️🤖 (@hasufl) October 25, 2022
“The Endgame plan is an exceptionally bad proposition, and it is truly sad for Maker that it passed the signal (pushed by Rune Christensen single-handedly in the face of strong and justified criticism). It remains to be seen to what extent it will actually be implemented. »
Regarding this coup de force, Sebastien Derivauxin charge of asset-liability management at MakerDAO, pointed out that the majority of votes regarding this proposal were under direct economic influence of Rune Christensen. Indeed, the latter has MKR tokens delegated to 74% of addresses that voted in favor of the proposal.
The “Endgame Plan” proposed by the founder of MakerDAO is only in its infancy here, and is arousing strong criticism, particularly concerning the change of collateralization for its stablecoin, the DAI.
Indeed, in order to prevent risks similar to those recently encountered by Tornado Cash, Rune Christensen showed support for a USDC secondment from Circle.
Regarding the DAI and in order to generate greater revenue for MakerDAO, the community recently voted in favor so that the project could delegate $1.6 billion to Coinbase Prime in the form of USDC to earn a percentage profit.
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Source: Governance proposal
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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