Rune Christensen, the co-founder of MakerDAO, has released an exclusive enormous proposal to take the project into the conclusive form thereof named “The Endgame Plan.” With nearly 3,000 words taking into account 35 elaborated infographics, the co-founder detailed that company’s present governance generates a deadlock that significantly hinders the protocol in efficiently processing the complex financial contracts occurring in the real world, and which gets its prestigious position among the financial organizations compromised.
Christensen’s Unique MetaDAO Proposal
The chiefly important thing in the 31st May plan by Christensen is the construction of MetaDAOs structured to meet certain governance problems existing within the ecosystem of Maker and relieve congestion on the single-threaded and lazy decision-making procedure running at the present. Each of the MetaDAOs can be considered a MakerDAO sub-division which would release its unique token along with being governed on the behalf of Maker members having an interest in the specific target thereof.
Maker counts to be a venue that lends smart contracts and releases DAI stablecoins with Ethereum (ETH) playing the role of collateral. Formerly, the Maker Foundation took the responsibility for protocol governance, however, the decentralized autonomous organization (DAO) took control in the previous year. Though he thinks that the complexity of Maker provides it the capability to be benefitted from the best changes, MetaDAOs’ utilization would assist the protocol in concentrating on its capabilities toward the shorter as well as conveniently manageable sections.
He noted that with the risk-free MetaDAOs, a considerable simplicity could be incorporated into the Meta Core as compared with the present time, offering the finest of both worlds’ conditions. As per him, MetaDAOs permit for overwhelming the existing governance procedure’s single-threaded state, and enable several separate MetaDAOs to arrange for and run simultaneously with the approximately infinite capability of autonomy and scaling.
In the words of Christensen, the initial MetaDAO to be established is M0 with which CreatorDAO is pursuing the chances to benefit external to Maker and deal with some excess complexity of Maker. MZR governance tokens would be released by M0 via a fair launch through yield farming.
The Proposal for Synthetic Ethereum
According to Christensen’s proposal, Maker is going to introduce MATH (a synthetic Ethereum coin) to be benefited from the Merge as well as create additional revenue with minimum possible principal charges. MATH charges could firstly be fixed at 0% to provide incentives to the consumers, nevertheless, with time it could give protocol some revenue as already done by synths for THORChain.
The plan’s intention is focused on the products with which the revenue could be generated may be because Maker is moving into the red zone. Banteg (Yearn Finance’s chief developer) posted a tweet on Friday, noting that the platform of MakerDAO is running through a war condition for another time and that no more profit was being provided by it. The unique proposal received some mixed reactions from the crypto community. On 3rd June, Jay Bhavnani (the CEO of Rari Capital) pointed toward the proposal as being needlessly over-optimizing and complicated for several issues.
