Transfer of $500 million development fund, foundation to dissolve in months, MakerDAO achieves true decentralization.

With the approval of several core proposals in succession and the efficient organization of DAO-related work, MakerDAO co-founder Rune Christensen announced that the Maker Foundation will step down, while MakerDAO will achieve a milestone of complete decentralization.

MakerDAO co-founder and CEO of the foundation, Rune Christensen, announced this news, stating that the Maker Foundation has fulfilled its initial guiding responsibilities and is set to dissolve in the coming months.

The existence of the Maker Foundation also demonstrates that blockchain projects cannot operate smoothly in the early stages solely by handing over to the community and letting the code run smart contracts. The foundation initiated MakerDAO and formally handed over after the DAO was perfected, which seems to be a viable approach.

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Genesis

The mainstream USD stablecoin Dai is operated and managed by MakerDAO, one of the early decentralized governance organizations where governance token MKR holders collectively manage it. Holders can vote on proposals to maintain the stability of Dai. With initial support from the Maker Foundation, the protocol has gradually evolved into a cornerstone of DeFi.

Six years ago, Maker's launch enabled users to interact with DApps without worrying about price volatility, leading to the emergence of various functionalities on Ethereum such as Compound, Aave, and other DeFi protocols.

Originally introduced as "eDollar" by Christensen on Reddit, Dai now has a circulating supply of 5 billion Dai and over 8 billion USD worth of assets locked in the Maker protocol.

Protocol Milestones

• 2015/3/26: MakerDAO and Dai prototype
• 2017/5: ProtoSai launched, predecessor of single-collateral Dai SAI
• 2017/12/10: Sai whitepaper released, roadmap includes Multi-Collateral Dai
• 2017/12/19: Sai released, single-collateral Dai launched
• 2019/11/18: Multi-Collateral Dai launched
• 2020/3/25: MKR token contract controlled by Maker governance
• 2021/5/3: Maker Foundation development fund transferred to DAO, 84,000 MKR
• 2021/6/2: Liquidation 2.0 system launched

MakerDAO Announces Full Decentralization on 7/20

In May of this year, the Maker Foundation announced its dissolution and transferred over 5 billion USD worth of the 84,000 MKR development fund to MakerDAO.

Although the foundation is dissolving, Christensen emphasized the need for developers and marketers to maintain the normal operation of this multi-billion dollar protocol in the future. Operational decision-making is left in the hands of MKR token holders who have a strong vision for the protocol's future.