Maker founder proposes MetaDAOs and synthetic ETH in ‘Endgame Plan’

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Maker founder proposes MetaDAOs and synthetic ETH in ‘Endgame Plan’

Rune Christensen has envisioned the final form of Maker governance and it includes MetaDAOs, new governance tokens and a new version of synthetic Ether.

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, making it difficult for the protocol to effectively process “complicated real world financial deals” and compromising its competitiveness with financial institutions.

Central to Christensen’s Tuesday 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 as a subsection of MakerDAO, which would issue its own token and be governed by Maker participants interested in its particular goal.

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 crypto community has had mixed reactions to the new proposal. On Friday, Rari Capital CEO Jay Bhavnani called the proposal “unnecessarily complex and over-optimizing for many problems.”

However, Compound Finance founder Robert Leshner tweeted on Friday that he was pumped, saying the plan was “Complex, but in some sense, ‘back to the basics’ of what Maker was intended to make: new synthetic assets.” As of now, only synthetic ETH has been proposed by Christensen.

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