The Maker Foundation granted MKR token owners control over the smart contract, which formed the basis of the MakerDAO (MKR) protocol.
According to the CoinTelegraph, the project says the move is the biggest step taken in the name of decentralisation, and that after three months of work the power has been fully transferred to community members. “The MKR token contract is now 100% controlled by MKR owners, " the foundation said., ” he said.
In addition, the Maker Foundation warned the Maker community that “voter apathy” could threaten the project and urged it to remain deeply committed to the project. He also stressed that it was important to vote wisely and often. The following statements were made on the subject::
While voter apathy can threaten any electoral process, the centrality of a project can damage efforts. Without adequate community passion and well-intentioned participation, a community-managed system can become vulnerable and may have to struggle to succeed.
Following the launch of the Multi-Collateral Dai protocol, MakerDAO announced on December 20 that control over MKR tokens would be passed from the foundation to the smart contract of the protocol. The foundation noted that it would share control over the contract for at least a month.
On 10 January, however, the foundation placed the “MkrAuthority” contract on the Ethereum main network. Three days later, the foundation set the authority address of the MKR token to the MkrAuthority address. On March 25, MkrAuthority's contract was granted full clearance via MKR token.
Rule Christensen, executive director of the Maker Foundation, said they were moving towards “complete” decentralisation and said::
“Today's news is very important. By completing its commitment to hand over the MKR token contract to MKR owners, the Maker Foundation continues to move towards a fully self-contained MakerDAO. And this is just the beginning. We will continue to prepare the community for full decentralisation in the coming weeks and months.”
MakerDAO, on the other hand, comes across as the decentralized finance (DeFi) protocol that governs the procurement of stabilcoin Dai (Dai),which is printed when users enter a collateralized debt position, often backed by Ethereum (ETH).