MakerDAO is now completely decentralized
- Maker Foundation, its governing body, to dissolve in next few months
- Assets of more than $8 billion are locked in Maker Protocol smart contracts.
- Foundation's methodical approach is behind Maker's stellar reputation
MakerDAO (MKR/USD) has completed the path to decentralization, Invezz learned from their blog. The currency became self-sufficient with its global community now responsible for every aspect of the Maker Protocol and a number of Core Units approved by governance to efficiently organize all areas of work within the DAO. Over the next several months, the Maker Foundation, its governing body, will dissolve.
More than $8B in assets in Maker protocol smart contracts
Maker went from a DAO created by a handful of ambitious individuals to a foundation responsible for a unique project. The foundation was designed to exist and operate temporarily. Its role was to help create a self-operating and self-governed DAO. Today, that’s what Maker is again. It’s come full circle. The number of Dai in circulation exceeds 5 billion. Assets of more than $8 billion are locked in Maker Protocol smart contracts.
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Rune Christensen, Maker Foundation CEO, writes:
“From the earliest days of Maker, everyone involved worked tirelessly to devise a framework for scientific governance and create an infrastructure for a new generation of open financial services that can be used by anyone, anywhere, anytime. We all hoped for success, but knew it would never be guaranteed. We realized that only a very independent, passionate, and committed Maker community could make success a reality in the end. And it has.”
Embracing governance responsibilities
The global community of Maker took governance responsibilities very seriously with each next philosophical and technological milestone set over the years. People across the globe gathered to talk about each concept, UX, and module’s viability and potential consequences. Full decentralization was the ultimate goal all along. Time and time again, the Maker community acted in support of the Maker Foundation’s efforts to work slowly and methodically rather than rushing to get the code out. That practice is behind the company’s stellar reputation for careful and meticulous progress, achieved after thorough testing and auditing.
Community to determine all future developments
In the future, operation and development of the Maker Protocol and the DAO will be determined solely by community members, all of whom want nothing more than to spread the benefits of digital currency worldwide.