Maker Foundation CEO Rune Christensen announced on blog that MakerDAO is now fully decentralized.
In fact, with governance approved by multiple Core Units to efficiently organize all areas of work, DAO is now “completely self-sufficient”
This means that the Maker Foundation, of which Christensen is CEO, has completed its task and will therefore be formally disbanded in the coming months.
It all started six years ago, in 2015, when Christensen published a post on Reddit with which he described the idea of creating an algorithmic stablecoin in Ethereum, called at the time eDollar. That stable currency then became DAI, which now capitalizes at $5 billion, with more than $8 billion in assets tied to Maker Protocol smart contracts.
Initially, Maker was a DAO created by Christensen along with some developers, but later it became a Foundation. Now get back to basics, becoming a DAO again.
In fact, the Foundation had already been conceived from the beginning as a temporary vehicle to fulfill a specific function, and now that it has finished its tasks it can be definitively archived.
Christensen’s comments like this:
“Together we have achieved something extraordinary and, on this very exciting day, I want to take the opportunity to thank all the people who participated in this fantastic journey. Without the GCs who participated in the first Sunday afternoon TeamSpeak calls, the hard-working Foundation team members, and everyone else in the wonderfully diverse Maker community, there would be no MakerDAO. ”
It should be noted that the first limited version of algorithmic stablecoin, called “ProtoSai”, was released in May 2017, or two years after the post was published on Reddit. While the white paper was published in December of the same year, which is the same month as the actual release of the DAI token, now known as SAI.
In November 2019, the new multi-collateralized token is released, which will be renamed DAI, forcing the old collateralized token only in ETH to be renamed to SAI.
The structure of the Central Unit was ratified in March 2021, and on July 20, 2021 Christensen announced the complete decentralization of the DAO.
Now, therefore, the DAO will govern itself, meaning only MKR token holders will have decision-making power over everything.
It is important to highlight that since November last year, the volatility of the DAI price, which in theory should always be around US$ 1, has decreased even more, making it extremely stable.
Instead, the price of the MKR, after hitting its record high on May 3 this year, nearly $6,300, has dropped to its current $2,800, which is still a gain of more than 400% over the past 12 months.