MakerDAO passes the organizational structure proposal for “Endgame Plan”

Approval of a group of improvement proposals at MakerDAO

MakerDAO, a decentralized autonomous organization that manages the major DeFi (decentralized finance) Maker protocol, announced on the 28th that a group of improvement proposals (MIP101 to MIP114) was approved by community voting.

The Maker Constitution has been approved by Maker Governance.

The Endgame Era is upon us.https://t.co/OKf9Kgo4dp pic.twitter.com/XqzsP44faQ

— Maker (@MakerDAO) March 27, 2023

A vote on community support for the Maker Constitution MIP Set (Improvements 101-114) took place at MakerDAO for 14 days starting March 13th. The majority vote (about 76%) of crypto asset (virtual currency) maker (MKR) holders passed.

The 14 Maker Improvement Proposals (MIPs) consist of organizational structures and frameworks that serve as the foundation for realizing the future vision “Endgame Plan” that the founders of MakerDAO want to realize.

For example, MIP101 (The Maker Constitution) defines the delegation of responsibilities and risks within specific areas of the Maker Protocol to individual units called “sub-DAOs.”

Note that the Endgame Plan itself was not directly passed by this vote. It will be officially implemented after the confirmation process at the Governance and Risk Call to be held on March 30th.

The Maker Protocol is an issuing, managing and lending platform for the stablecoin “DAI”. MakerDAO is a DAO (Decentralized Autonomous Organization) that manages the operational policy of the protocol through the voting of governance tokens (MKR).

The stablecoin “DAI” is designed to be pegged to the value of the US dollar and maintain 1 DAI ≒ 1 dollar. DAI has a market capitalization of $5.4 billion (approximately ¥700 billion), boasting the fourth largest market capitalization in the stablecoin field (at the time of writing).

connection:MakerDAO May Refocus USDC as Reserves for DAI Stablecoin

What is the Endgame Plan?

The “Endgame Plan” is a large-scale reform proposal for a project launched in May 2022 by Rune Christensen, the founder of MakerDAO. As a maker, the aim is to strengthen censorship resistance from the government and the driving force of individual projects.

Specifically, the DAO, which manages individual projects such as RWA (real world asset) integration and synthetic ETH operation, will issue its own token. As a result, many in the community are concerned that the value of the MKR token will be diluted.

This is it. We have 14 days to get as much $MKR as possible on no to save @MakerDAO from dilution, new spending, more bureaucracy, and discarding DAI stability as the top priority https://t.co/BiEDF8po1X

— PaperImperium (@ImperiumPaper) March 13, 2023

The community commented on the Endgame Plan as “unnecessarily complex and overly optimized for many problems”, “no benefit for MKR holders”, and “too costly in labor costs”. There were also voices of criticism.

Andreessen Horowitz (a16z), a well-known US VC, points out that Maker’s existing core unit has already been legally decentralized. He pointed out that the introduction of MetaDAO “doesn’t change the situation and doesn’t help improve organizational resilience from a legal perspective.”

connection:US VC a16z opposes Maker (MKR) DAO split plan

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