MakerDAO founder Rune Christensen unveiled proposals yesterday that will effectively cause what he believes has become a “completely pointless” Maker Foundation to dissolve over the next few years, allowing the decentralized autonomous organization live up to its name.
The Maker Foundation's decentralization announcement came hot on the heels of a post-Black Thursday debt crisis that threatened to force an emergency shutdown of the MakerDAO decentralized lending platform. That was resolved a day earlier by a reverse auction following a series of votes by MKR token holders.
MakerDAO has nearly wrapped up its first-ever debt auction—an event designed to cover millions of dollars in bad debt triggered by the ether flash crash on March 12. It seems that those who participated in the debt auction early got a bad deal compared with those who waited to take part later.
Decentralized finance giant MakerDAO has been holding crisis talks after dramatic falls in the price of Ether left debt worth about $4 million under-collateralized.