AltcoinCryptocurrency

Maker Foundation To Go Fully Decentralization

According to a new press release from the maker foundation, it has reimbursed the MakerDAO DSpause proxy smart contract with 84K MKR (about $490 million) tokens from the development fund. The foundation revealed that this action is part of the complete decentralization move as previously announced on May 3, 2021.

MakerDAO Almost Completely Decentralized

Even though only a few blockchain projects are completely decentralized, decentralization is a very important attribute of the distributed ledger technology (DLT). However, the maker foundation team who control the MakerDAO ($MKR) lending and stablecoin protocol are making all efforts to have a completely decentralized platform. Hence, they announced that they would reimburse about 84K MKR to the MakerDAO community out of the development fund to ensure that it is the community that would now decide how to spend all earned money. The team wrote that “specifically, the returned MKR tokens were disbursed into the DSpause proxy smart contract of the governance module which now makes the maker governance to be in charge.” The date and time of completion were also included in the note submitted by the team. The foundation team also emphasized that it won’t be involved in any way the MakerDAO community wants to expend the returned MKR tokens nor has it placed on conditions regarding the returned amount.

📰 Also read:  Report: 'Bitcoin' Google Search Volume Declines, While 'Meme Coin' Increases

Completing The Dissolution Process

Even though a crucial factor towards decentralized is the token return to the MakerDAO community, the foundation has clarified that it still holds one percent of the total MKR supply. This one percent will enable it to work as a protection against possible liabilities and manage its dissolution effectively.” the good news is that the foundation has emphasized it planned to complete the dissolution process by the end of this year. But it would keep providing updates regarding before this time and until dissolution is finally complete. An April 2021 report by the btcmanager revealed that there was a live vote of the MakerDAO liquidation 2.0 which is regarded as a step towards the MIP45. The MIP45 is a proposal developed for the restructuring of the protocol’s liquidation network and incorporate various innovations. At the moment, the foundation has introduced a new governance poll to allow the MakerDAO governance community to assist or challenge the inclusion of various vault types in the liquidations 2.0 framework.

The Ramifications Are Showing Already

Perhaps as proof of the positive effects of these changes, Nomics reports that there has been a 15% rise in MKR price over the past day, and MKR now trades at almost $6,000. As of this writing, MakerDAO (MKR) is among the top four decentralized finance (Defi) protocols globally in terms of size; it has about $10 billion in TVL. MakerDAO is a decentralized online firm that votes for decisions using its tokens. The maker is powered by the Ethereum blockchain to allow users to lend and borrow digital currencies with ease. Lots of applications have been developed based on this Defi that removes the need for the services of any middleman for either borrowing or lending.  

📰 Also read:  Bitcoin to Hit $90k If Trump Wins But Plummet to $50k if Harris Secures Victory, Says Bernstein

Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.

📰 Also read:  Bitcoin’s Path to $70K Faces Risk as Social Media Hype Grows

Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Skip to content