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.
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.
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