Questions over an ongoing board shakeup flamed tensions Tuesday during a weekly community call, with participants asking pointed questions about who controls a $190 million pot of MakerDAO governance tokens.
Stepping back, the MakerDAO Ecosystem Growth Foundation, or MakerDAO Foundation for short, is a non-profit entity that launched the dollar-pegged stablecoin DAI back in December 2017 along with a programmatic loan system to keep the value of DAI stable.
As stated in a recent blog post, the foundation "Is tasked with bootstrapping the system to ensure that it can survive as a fully decentralized organization." There are nine board members who oversee development funds for the network, which account for roughly 27 percent of all MakerDAO governance tokens in existence.
During yesterday's community call, Avello faced some tough questions about the nature of the foundation's organizational structure - the most pointed of which came from a former legal advisor to the MakerDAO Foundation itself, Chris Padovano.
To this, MakerDAO Foundation head of communications Mike Porcaro told CoinDesk after the call that the lack of full transparency here was "Pretty traditional for most organizations" and that "In many cases, there are requirements based on employment law about what you can and cannot discuss."
MakerDAO Foundation core community lead David Utrobin agreed it would be best to continue the Q&A session during next week's meeting.
The heated discussion comes as MakerDAO stakeholders face another decision to increase DAI's "Stability fee."
Expected to end sometime on Thursday, a 4 percent increase to fees currently looks to be the most popular among MakerDAO governance token holders - with over 50,000 MakerDAO governance tokens currently staked in favor.
Members of the MakerDAO risk team are expected to also share during this meeting a detailed analysis of current DAI-to-USD trends.
David Utrobin, core community lead at MakerDao, image via YouTube.
Tensions Flare on MakerDAO Community Call Over Transparency Issues
gepubliceerd op Apr 10, 2019
by Coindesk | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.