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Maker Foundation Shutting Down as DeFi Protocol Goes Fully Decentralized

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Published on:
July 21, 2021

"MakerDAO has come full circle and is in good hands," Rune Christensen says.

Maker Foundation Shutting Down as DeFi Protocol Goes Fully Decentralized

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The Maker Foundation is shutting down, meaning that the DeFi protocol is going to be fully decentralized.

 

CEO Rune Christensen said that the foundation will “formally dissolve within the next few months” and all responsibilities relating to operations will switch over to MakerDAO.

 

Declaring that the project has come “full circle,” he wrote in a blog post:

“Maker has come a long way in a relatively short period of time. It’s gone from a DAO, created by myself and a few passionate developers, to a foundation tasked with bootstrapping an amazing project, and back to a DAO. While the Foundation played a specific and important role in the further development of the Maker Protocol and the growth of a global team, it was designed to exist only temporarily.”

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What This Means 

The change means that the future development and operation of the Maker protocol will now be “determined by thousands or perhaps millions of engaged, enthusiastic community members, all determined to extend the benefits of digital currency to people across the globe.”

 

Christensen has declared that he now intends to take a short break, but looks forward to becoming “an independent community member and Maker Forum participant.” Expressing optimism for the future, he added:

“MakerDAO has come full circle and is in good hands.”

According to DeFiPulse.com, more than $5.8 billion is currently locked in Maker — making it the fifth-biggest protocol overall.

 

Maker, the platform’s governance token, is worth $2,391.17 at the time of writing and has risen by more than 12% in the past 24 hours.

Author(s)

Connor Sephton

I cover the crazy world of crypto.

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