DeFi lender MakerDAO Finally Transitions To Complete Decentralization

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Prominent Ethereum-based DeFi lending pioneer and stablecoin protocol MakerDAO’s plan to achieve full decentralization is in its last leg. The platform has announced that it is at the last stage of dissolving its foundation on the path to complete decentralized governance.

While declaring that the MakerDAO is now completely decentralized, Rune Christensen, the CEO of Maker Foundation, stated in a blog post that the Foundation will formally dissolve within the next few months and that the DAO is now fully self-sufficient.

“With several Core Units approved by governance to efficiently organize all areas of work within the DAO and the global community now responsible for every aspect of the Maker Protocol, the DAO is now fully self-sufficient and the Maker Foundation has fulfilled its bootstrapping responsibilities.”

The complete decentralization of Maker implies that the future development and operation of the Protocol and the DAO will be in the hands of the community engaged.

Quick take on MakerDAO’s rise to prominence in DeFi realm

Christensen had introduced the first iteration of Dai, then called the eDollar, on Reddit back in March 2015. Two years later, the MakerDAO developers launched and started to use the first version of Dai, dubbed ‘ProtoSai,’ which marked the first limited release of the Dai Stablecoin System and was a forerunner to the public launch of Single-Collateral Dai [SAI] several months later. In December 2017, the Sai white paper was published followed by the launch of Single-Collateral Dai.

In 2018, the DeFi foundation published its proposal that described the core principles for sustainable decentralized governance. The very next year, Multi-Collateral Dai was launched. In 2020, the MKR token contract was transferred to Maker governance, after which the token holders were presented with full control of the MKR contract. Maker Improvement Proposals [MIPs] framework was approved two months later which included MIP0 and two MIP sets.

Since then, the DeFi protocol has indeed come a long way. Recounting the milestones, the MakerDAO’s exec said,

“The global Maker community is now responsible for every aspect of the Maker Protocol and the DAO. I’m so proud of what we’ve done and what it signifies.”

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