- Holders of the Maker token now control the MakerDAO smart contract
The Maker Foundation has announced that the MakerDAO protocol, which is by far the most popular decentralized finance (DeFi) platform, has handed over control of the MakerDAO smart contract to holders of the Maker token, essentially decentralizing the governance of MakerDAO.
Up to now, the Maker Foundation had been safeguarding the smart contract which controls the protocol, but a process began late last year to fully decentralize governance. Over the past month, the Maker Foundation and Maker token holders have had dual control of the smart contract, so that the Maker Foundation could ensure a smooth handover of power, and now finally Maker token holders have full control.
In order for MakerDAO to be successful it will require a passionate community of Maker token holders, since now that the MakerDAO contract is fully decentralized, the community can collectively decide to do anything with it.
Overall, this may be one of the biggest tests of decentralized blockchain governance in history, since there are hundreds of millions of USD contained within the MakerDAO smart contract.
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