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MakerDAO recently revealed its plan on moving to a fully decentralized ecosystem within the next few months after disbanding the current Maker Foundation. According to a blog post detailed by the CEO, Rune Christensen, Maker initially started as a decentralized autonomous organization before it moved to a Foundation charged with accomplishing an overall growth of the platform.
However, the Foundation was only designed for existing temporarily as Maker steadily transitions to a fully decentralized path.
Looking back, the CEO recounts his six-year journey, which kicked off in 2015, where he addressed Reddit users the idea of an Ethereum based stable token dubbed as the e- dollar. Since then, Maker has experienced massive global support from users who actively contributed to creating a platform that leverages governance while enabling easier access to financial services.
What’s more, the global community took a noble initiative in deeply evaluating the convenience in each concept, user experience, and the deployment of slower and cautious approaches on Maker’s progress.
Thus, Rune admits that the community continuously played a pivotal role in building MakerDAO as it now focuses on building a fully self-governed network.
Future Expectations of Maker’s Decentralization
Decentralization in the crypto sphere gives users the ability to make collective informed decisions without the need for a centralized authority. Therefore, projects with a decentralized architecture mainly aim at instilling democracy and transparency in every activity that users undertake.
MakerDAO has a similar goal in mind since its robust community will oversee every aspect within the DAO and Maker Protocol. According to the CEO’s definition, all future developments and operations in MakerDAO will be ruled over by the growing user base. Interestingly, Rune will also be part of the Maker forum operating as an independent community member presenting the benefits of digital assets to users worldwide.
The launch of MakerDAO in 2015 sought to establish a crypto lending and borrowing network that runs on the Ethereum blockchain. Essentially, the platform is a DeFi-based ecosystem that relies on smart contracts and two digital assets (DAI and MKR) to facilitate the loaning services.
DAI functions as the platform’s stablecoin pegged to the value of a dollar. At press time, a total of 5 billion DAI is in circulation, while the number of DAI locked in Maker’s smart contracts is above the $9 billion marks. On the other hand, the MKR token operates as a governance asset that allows holders to vote on various proposals raised by users.