DeFi giant MakerDAO has approved a new set of governance rules that will lay the foundation for Endgame – a roadmap designed by Maker’s founder Rune Christensen that will change how the protocol functions.
According to polling results on Maker’s governance website, 76% of the community voted in favor of introducing the new guiding principles dubbed “Constitution.”
The Maker Constitution has been approved by Maker Governance.
— Maker (@MakerDAO) March 27, 2023
Constitution consists of 11 constitutional articles that will implement a series of changes at Maker, including “constitutional conservers” to facilitate governance and a protocol delegation system that enables MKR tokens to be delegated as collateral to generate more DAI.
The constitutional conservers can assume two critical governance roles – Constitutional Voter Committee Members (CVCM) or Constitutional Delegates (CD).
CVCs will be standardized that participate in governance decisions above the minimum level, constructing position documents to be considered by voters and receiving benefits and resources from the ecosystem scope. Meanwhile, CDs will operate the Protocol Delegation System smart contracts that allow MKR holders to delegate their tokens without losing custody of them.
The framework is the first step towards Christensen’s Endgame plan, a controversial restructuring of the protocol aimed at making it DAI resistant to being blacklisted.
According to Christensen, the only real choice for Maker is to limit the attack surface by reducing its exposure to real world assets (RWA) – something that would likely cause DAI to free float away from the U.S. dollar.
Endgame offers two ways to deal with this situation, through MetaDAOs and a Protocol Owned Vault.
The plan drew criticism from several industry watchers, including venture firm a16z, that took issue with the complex proposals that would dramatically change how Maker operates. Flashbots’ strategy lead Hasu described the proposal as “exceptionally bad,” suggesting it was single-handedly pushed through by Christensen rather than the community at large.
Part of what *is* so bad about Endgame is that it bundles common-sense ideas with super outlandish ideas instead of having them evaluated and voted on individually.
— Hasu⚡️🤖 (@hasufl) October 25, 2022