The largest reorganization in the history of Maker, DAI may decouple from the US dollar in the future

Odaily资深作者

2022-11-01 03:13

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Maker prepares for censorship resistance, which may change the DeFi ecosystem forever.

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, Original author: Bennett Tomlin & Liam J. Kelly, compiled by Odaily translator Katie Ku.Endgame Plan(Ultimate Plan) One step closer, MakerDAO has passed a governance proposal to begin its transition to its "Ultimate Plan" that will advance the largest restructuring in its history. In a recent majority vote in favor of the introduction of eight Maker improvement proposals ( MIP), MakerDAO will launch MetaDAO and launch a new treasury to generate more revenue for the protocol. This plan fundamentally changes several aspects of MakerDAO.

secondary titleUSDC and "”（RWA）

real world assets

In October 2021, MakerDAO founder Rune Christensen unveiled his new vision for Maker, centered around a concept he calls "Clean Money." This is a way of using DAI's collateral to combat catastrophic climate change.Rune specifically mentioned USDC because it represents one of the biggest potential risks for the DAI stablecoin.

According to makerburn data, 81% of DAI in circulation is minted by "stable collateral", mainly USDC. Unlike other treasuries, stablecoin treasuries are not over-collateralized. Together, USDC and USDP account for about 42% of the total amount of collateral locked in generation. These stablecoins are risky for DAI because the issuer can choose to blacklist the tokens, rendering them worthless, but Maker will consider them to continue to have USD value. That's one of its motivations for trying to reduce its exposure to U.S. Treasuries.In addition to stablecoins, Maker increasingly relies on other real-world assets, cross-chain bridge assets, and other assets that may come under pressure from regulators and law enforcement.. This will make it difficult for regulators or law enforcement to quickly ban DAI.

secondary title"ultimate plan"（Endgame Plan）

Maker's ultimate plan is to fundamentally redesign many aspects of the Maker protocol. One of the changes is the creation of various MetaDAOs - small communities with Maker features or growing parts. Nominally, MetaDAO is supposed to help manage some of the political and interpersonal issues that Maker governance has struggled with. Each MetaDAO has its own treasury, MetaDAO does not control these treasury, but is controlled by Maker Core DAO.

Each MetaDAO will also have its own token, operate its own front end, and will have yield farming. MakerDAO will transition from a two-token system (plus collateral) to a multi-token system, through a complex token economy system, allowing MetaDAO to create its own value, while still returning value to Maker Core. The intent is for GovernorDAO to be responsible for organizing Maker Core's decentralized workforce, CreatorDAO to focus on growth and innovation within the Maker ecosystem, and ProtectorDAO to mediate Maker Core's interaction with the real world.

Maker Core is still governed by MKR holders rather than MetaDAO token holders and will always maintain control over all MetaDAO and its assets. Voting in MetaDAO is a signal, and execution is up to the Maker management to vote. In addition to disrupting Maker's current organizational structure, Ultimate plans to fundamentally change the types of collateral and stance MakerDAO takes.Rune's motivation for including these changes in Maker is to make Maker more resistant to censorship and make it harder for regulators to exert pressure.

Rune sets up three phases for Maker:

Rune sets up three phases for Maker:
The first is called the Pigeon Stance, which is basically the current state of Maker. During this phase (planned to last two and a half years), Maker focuses on earning income and storing ETH for the next phase.
After two and a half years, unless delayed or started earlier, it will enter the "Eagle Stance" phase (Eagle Stance), which will reduce the assets that can be seized to less than 25% of the total assets. They intend to break DAI's peg to the dollar at this time if necessary.

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