DeFi Lending Protocol MakerDAO Announces Approval of Maker Constitution

MakerDAO, which claims to be the longest-standing DeFi lending protocol and creator of DAI, the original, “decentralized” stablecoin, has announced the approval of the Maker Constitution.

Succeeding in a Governance Poll on the MakerDAO forum, The Maker Constitution will gradually “change the operations of MakerDAO, setting the conditions necessary for its highly anticipated roadmap – Endgame Era – to be implemented.”

The Endgame Era charts “a restructuring proposal for the DAO and outlines a path for MakerDAO and DAI to achieve maximum levels of simplicity, decentralization, and resilience.”

Endgame will enable MakerDAO “to expand its money market investments in the short term and increase protocol revenue.”

By utilizing this revenue, MakerDAO aims “to implement a mechanism to buy decentralized collateral, such as ETH and staked ETH, to reinforce the DAI backing, ensure its stability and maximize its level of decentralization in the long term.”

The Maker Constitution “comprises 11 constitutional articles and 12 scope frameworks.”

Over the course of the coming months, these parameters will be “introduced to: enable public good and charitable purpose for MakerDAO; achieve a maximum decentralized-state for the DAI stablecoin; incentivize voters towards transparency through regulated governance; elect members of MakerDAO with defined responsibilities surrounding MakerDAO’s governance operations; and introduce SubDAOs as self-governing and self-sustaining entities within the MakerDAO ecosystem.”

Upon the realization of Endgame Era, MakerDAO will “enter the Endgame State, the ultimate vision for DAI and the Maker ecosystem.”

Within the Endgame State, SubDAOs will “operate as independent entities using their own tokens, furthering MakerDAO’s accessibility and decentralization.”

Protocol advancements surrounding the Endgame Era “will simultaneously increase the resiliency of the DAI stablecoin.”

SubDAOs will be “divided into FacilitatorDAOs, responsible for organizing the Decentralized Workforce of Maker, CreatorDAOs, focused on growth and innovation in the Maker ecosystem and ProtectorDAOs, tasked with allocating collateral to real-world assets and protecting MakerDAO against physical and legal threats to its real-world asset collateral.”

In the initial phases of The Maker Constitution’s application, Maker will “improve accessibility by introducing easy-to-use software tools, such as data dashboards and AI chatbots, to make the rules, processes and governance results auditable for all DAO participants.”

It will also immediately “begin work to restructure how the DAO is organized, with the installment of Constitutional Voter Committees (CVCs), Constitutional Delegates (CDs) and Constitutional Conservers (CCs).”

Further to this, MakerDAO will launch the Purpose Fund “to allocate donations to charities, scaling the level of donations with MakerDAO’s success.”

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