MakerDAO Community Approves "Endgame" Plan
The MakerDAO community has approved the "Endgame" plan, a comprehensive overhaul of how the protocol will operate, which includes breaking it down into smaller MetaDAOs.
The Endgame proposal was officially passed on March 27 with 76% in favor and 24% against, according to the project's governance forum. This proposal includes a set of reform principles known as the "Constitution," introduced by MakerDAO founder Rune Christensen.
Endgame Plan Voting Results on MakerDAO
The Endgame Plan was initially proposed in June 2022. Essentially, Endgame serves as a compass to chart a new course for the protocol. The major change outlined in the plan is the division of MakerDAO into smaller units called MetaDAOs. These MetaDAOs will become separate, self-governing entities with their own tokens, while still remaining part of the MakerDAO ecosystem.
Structure of MakerDAO Before and After Endgame Plan, According to Rune Christensen's Vision
- [Read more: MakerDAO's Endgame Plan and the Future Paths of DAI Stablecoin]
Additionally, the approval of the Endgame plan marks the beginning of the process to "float" the value of DAI, turning it into a fully decentralized stablecoin no longer pegged to $1 USD. The new MKR tokenomics will also convert it into collateral for issuing additional DAI.
Moreover, the plan aims to boost platform revenue by investing a portion of the over $7 billion in reserves into real-world assets and market funds. In March 2023, the MakerDAO community approved a proposal to add $750 million to U.S. Treasury bonds, increasing the total holdings of this asset class to $1.25 billion.
This bold plan represents a promising yet challenging new phase for MakerDAO. Previously, the Endgame proposal did not receive support from the investment fund a16z, which argued that MetaDAOs "may not effect any change, nor lead to organizational resilience or growth."
