Maker founder proposes MetaDAOs and synthetic ETH in 'Endgame Plan'
The co-founder of MakerDAO Rune Christensen has issued a new monumental proposal to push the project into its final form called The Endgame Plan.
Across 3,000 words including 35 detailed infographics, Christensen explained that the current model of governance at Maker creates a deadlock which makes it difficult for the protocol to effectively process “complicated real world financial deals” and which compromises its competitiveness with financial institutions.
Central to Christensen’s May 31 plan is the formation of MetaDAOs designed to tackle specific governance issues within the Maker ecosystem and alleviate congestion on the “slow and single threaded decision making process” that exists now. Each MetaDAO can be thought of like a subsection of MakerDAO, which would issue its own token and be governed by Maker participants interested in its particular goal.
Maker (MAKER) is a smart contract lending platform that issues DAI (DAI) stablecoins using Ether (ETH) as collateral. The Maker Foundation previously held responsibility for protocol governance, but the decentralized autonomous organization (DAO) took over last year.
Although he feels that Maker’s complexity gives it the ability to pounce on the best opportunities, the use of MetaDAOs would help the protocol focus its abilities into smaller and more manageable parts. He wrote that with de-risked MetaDAOs, “the Maker Core could become a lot simpler than it is today, creating a best of both worlds situation.”
The first MetaDAO Christensen would see formed is M0, a CreatorDAO to seek out opportunities for profit outside of Maker and to take on some of Maker’s excess complexity. M0 would issue MZR governance tokens through a fair launch via yield farming.
Christensen also
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