Rune Christensen, CEO of Maker Foundation, announced today that the Ethereum network native DeFi protocol is now set to close down as it hands over its entire operations to its decentralized autonomous organization (DAO) counterpart, the MakerDAO. As per Christensen’s blog post, the Maker Foundation will now be returning to its roots, complete decentralization, putting the majority of the responsibility back to its esteemed members.
The CEO’s blog post noted that MakerDAO is now entirely self-sufficient, and the foundation is now well on its way regarding the transferring of responsibilities. Notably, no particular timetable was disclosed regarding when the foundation is set to close down.
This particular announcement has seemingly been on the minds of many for quite some time now. This past May, the foundation transferred 84,000 MKR tokens to the DAO, which back then was worth $480 million to now just about $185 million, from its Development Fund – signaling the foundation’s imminent shutdown.
With that being said, despite the foundation’s closing, it does not necessarily mean that its provided service will no longer be in need. Despite being fully decentralized, it still needs tons of marketers, developers, and personnel to keep a multi-billion dollar project running – and that is precisely what MakerDAO is. The Maker protocol reverting to decentralization makes good on Christensen’s previous promise to put the power back to the people.