Rune Christensen, the founder of the Maker Foundation, has recently announced the discontinuation of the platform. All the operations of the foundation would be henceforth managed by its decentralized autonomous organization (DAO), MakerDAO. No timeline was revealed.
MakerDAO is an open-source platform best known for creating the DAI stablecoin.
The Maker foundation was temporarily built to develop the Maker Protocol and was working with MakerDAO to offer complete decentralization to its project. Maker Protocol is a system that allows users to generate DAI stablecoin by leveraging collateral assets authorized by the community.
DAI is currently the fourth largest stablecoin with a market cap of $5.25 billion.
The Maker Foundation will dissolve as soon as the MakerDAO’s governance token (MKR) holders were ready to maneuver all the aspects related to project management, essential updates, and worldwide adoption.
The announcement was made on the 20th. Christensen wrote in his post:
“From the earliest days of Maker, everyone involved worked tirelessly to devise a framework for scientific governance and create an infrastructure for a new generation of open financial services that can be used by anyone, anywhere, anytime. We all hoped for success, but knew it would never be guaranteed. We realized that only a very independent, passionate, and committed Maker community could make success a reality in the end.”
The founders created the Maker Foundation as a non-profit and wanted to dissolve it as soon as it solved its purpose. The dissolution coincidently occurred with the announcement of liquidation by a non-custodial exchange ShapeShift. ShapeShift will liquidate the company and gear towards decentralization.
While the foundation was built at the request of the early investors, it still caused a rift between the supporters of the organization and the MKR holders due to many seeing the foundation as opposed to the token’s fundamentally anarchic ethos. However, the situation was soon resolved and the atmosphere had been relatively stable since then.