The MakerDAO community approved yesterday a set of rules defining the new way of operating and decision making of the platform.
As a reminder, MakerDAO is a decentralized platform that aims to provide a stable lending solution for cryptocurrency users. MakerDAO operates using a collateral system and smart contracts on the Ethereum blockchain. Users can deposit Ether as collateral to issue stablecoin loans called DAIs.
Endgame initiated by Christensen!
The platform will act as a new foundation for the major restructuring of the largest decentralized lending protocol.
The approved proposal includes Maker’s core principles, called the “Constitution.” They were written by Maker founder Rune Christensen and lay a new foundation for the protocol’s governance, development and investment of its cash. According to the DAO website, 76% of voters approved the proposal.
The approval of the proposal marks a big step forward in the restructuring of Maker. Called “Endgame” and initiated by Christensen, this initiative aims at redesigning the basic functioning of MakerDAO. It involves breaking up the current structure into smaller units called SubDAOs, which are self-sufficient, autonomous entities with their own tokens within the MakerDAO ecosystem.
The plan also aims to increase the platform’s revenue by investing a portion of Maker’s reserves, which , in real assets and money market funds. Currently, Maker’s reserves stand at over $7 billion.
MakerDAO wants to further decentralize the DAI stablecoin collateral to make it more resistant to censorship and sanctions. The plan also restructures DAO governance by establishing new groups: constitutional election committees (CECs), constitutional delegates (CDs) and constitutional conservators (CCs).