The minter of DAI stablecoin, MakerDAO, was running a poll to add a Lending Oversight Core Unit (LOVE-001) to help educate the MKR community. However, this proposal, which would have fundamentally altered the DAO’s governance structure, was rejected by the DAO.
The voting was neck to neck until the very end, with nearly 30% of the token’s total circulating supply taking part. The total number of votes cast was 293,911.427 MKR, with 60.17% voting against and 38.28% voting in favor.
The proposal envisioned embracing a sustainable and decentralized operational framework to onboard new complex collateral sets, tens of billions of complex lending assets, and educate and communicate with other CUs and the broader community.
The Lending Oversight Core Unit MKR Budget was on a 3-year vesting plan with a 1-year cliff vest. It would commit a maximum of 1,292.28 MKR to LOVE-001 contributors, covering MKR compensation for the Core Unit from its inception. This equates to approximately 63.47 MKR/FTE/year.
Luca Prosperi, an active member of the MakerDAO community, submitted the proposal. Those who wanted more organization and control, such as TradFi and VCs voted in favor of the proposal.
Derek Flossman, MakerDAO’s head of protocol engineering, said on Twitter that the protocol had to “decide whether its purpose is to run a decentralized & de-risked credit facility or an investment vehicle to maximize profit.”
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