MakerDAO takes over DeFi Maker protocol

The Maker Foundation, which led the development of the Maker protocol, will officially shut down within a few months. Control over the MKR and DAI protocol and cryptoassets passes to MakerDAO.

According to a statement from Maker Foundation CEO Rune Christensen, control of the DeFi Maker protocol on Ethereum is completely shifting from the Maker Foundation to the decentralized autonomous organization MakerDAO.

“MakerDAO is now completely decentralized,” Christensen wrote in a blog post. “DAO is now self-contained, and the Maker Foundation has served its purpose in helping the initial deployment of the protocol. The foundation will officially shut down within the next few months. ”

This move did not come as a surprise to the community and is in line with the developers’ original plan. In May, the Maker Foundation sent MKR 84,000 worth of $ 480 million to MakerDAO at the time of the transaction from its Development Fund, marking the beginning of the end of the fund.

MakerDAO is one of the first decentralized autonomous organizations. Participants use the Ethereum blockchain to make collective decisions about the future of the protocol through voting with MKR tokens.

The Maker Protocol was launched in 2015, and the Maker Foundation supported the development of the application most of the time as control of the project gradually passed to all token holders. Christensen believes the closure of the fund is a boon to the protocol and operational decision making is best left to those with a real interest in the project.

“MakerDAO has gone through a full development cycle and is in good hands,” Christensen wrote.

Recently it became known that the ShapeShift cryptocurrency exchange will cease its activities as an official company and come under the control of a decentralized autonomous organization (DAO) controlled by FOX token holders.