The original DeFi protocol MakerDAO foundation to dissolve in coming to decentralized again. In a blogpost on July 20, Rune Christensen described the DAO “fully self-sufficient” — with its globally distributed community “now responsible for every aspect of the Maker protocol.”
“Complete decentralization of Maker means that future development and operation of the Protocol and the DAO will be determined by thousands or perhaps millions of engaged, enthusiastic community members, all determined to extend the benefits of digital currency to people across the globe.”
In the blog, Mark, recounted project’s highlights from its 6 year long journey with Christensen having first revealed his plans in a Reddit post detailing his vision for an Ethereum-back stable token dubbed “eDollar” during March 2015.
“The Foundation will formally dissolve within the next few months,” Christensen wrote in a blog post shared in advance with CoinDesk. No more specific timeline was offered.
The Maker Foundation was created as a non-profit tasked with overseeing the project’s development and funding in September 2018, reportedly at the behest of its early investors. While Christensen created the Foundation with the intention of dissolving it within two to three years, the move catalyzed internal tensions between supporters of the Foundation and those who saw the legal entity as at odds with crypto’s fundamentally anarchic ethos.
He describes Maker as having “come a long way in a relatively short period,” transitioning from a pioneering fledgling DAO, into a Foundation, and back to a DAO again.
“I look forward to once again being an independent community member and Maker Forum participant,” Christensen wrote.
Also Read: MakerDAO’s $1 Billion Tokenized Treasury Competition Heats Up
