The well-known Maker Foundation has transferred 84K MKR coins ($450 million) from the development directly to the MakerDAO’s governance module. These tokens are now under complete control of Maker Governance. According to the foundation, the deal was completed in 12361485 block number.
In its press release, the foundation stated that no conditions were applied with MakerDAO towards the tokens with the Maker Governance. Like they do with the governing of protocol, MKR holders carry complete control to decide whether they want to incorporate MKR into plans. This is the second such transaction after March 2020 and is a vital step in decentralization.
To finance and manage the transition, the Maker Foundation retains not more than 1 percent of coin MKR. The plan is to dissolve the foundation by the end of 2021 and continue to publish statistics until the complete procedure is done.
Launch of Governance Poll
On the day of the transaction, the MakerDAO also announced a governance survey launch. It is to determine if expanded vaults usable for Liquidations 2.0 of the poll. If the survey is approved, the liquidation mechanism will be utilized for Maker’s Uniswap, Loopring, Balancer, Decentraland, and renBTC Vault.
Once the survey is successfully passed, there will be an administrative vote within 30 days. Updating this mechanism will help bring steadiness to liquidations implemented by the procedure to maintain against the cascading liquidation. This resulted in MakerDAO becoming undercollateralized in March 2020. It was called Black Thursday. Members then decided to move this completely decentralized governance along with the black swan event. Currently, MakerDAO is the third-largest DeFi protocol and is just behind PancakeSwap and Aave, with a total market value of $9.75 Billion.
Maker Foundation Mission
The mission behind the launch of Maker Foundation is to bootstrap MakerDAO, driving the organization towards the decentralized. Maker Foundation consists of MakerDAO and Maker Community, along with the Maker Protocol. MakerDAO is launched to govern the protocol of Maker to decide critical parameters.
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