- This Monday’s vote was not an executive vote but rather a ratification vote.
- The move has been credited for advancing the project’s greatest restructure in its history.
As time goes on, MakerDAO gets closer to its “Endgame.” DeFi’s de facto central bank will establish so-called MetaDAOs and activate a new vault after a majority vote on Monday approved the introduction of eight Maker Improvement Proposals (MIP) to bring in additional money for the protocol.
The move has been credited for advancing the project’s greatest restructure in its history. But it has also split the DAO into two camps. The MetaDAOists and the Constitutionalists. Constitutionalists reject the Endgame plan, which was conceived by Maker co-founder Rune Christensen. While the former is in support of it.
MIP83 Proposal
Hasu, a pseudonymous researcher with the cryptocurrency investing business Paradigm, is one such constitutionalist who often posts on Crypto Twitter.
The crypto researcher tweeted:
“The Endgame Plan is an exceptionally bad proposal, and it’s really sad for Maker that it passed the signal (shoved through by Rune Christensen singlehandedly in face of strong and justified criticism).”
This Monday’s vote was not an executive vote but rather a ratification vote, which is significant. In order for any of the MIPs to be implemented on the blockchain, they must first pass further voting.
The radical nature of the planned modifications and their possible impact on the biggest decentralized stablecoin in the market, DAI, caused Christensen’s idea to get attention. The creation and maintenance of DAI is the responsibility of the MakerDAO protocol.
MetaDAOs and the “protocol-owned vault” are at the center of the two most consequential ideas that were approved by the vote today. The Maker community will be ready to be subdivided into smaller governance organizations inside the bigger MakerDAO according to MIP83, a proposal to begin creating MetaDAOs.
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