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Maker's largest ever restructuring, DAI may be decoupled from the dollar in the future

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MakerDAO has passed a governance proposal that will push ahead with the biggest restructuring in its history. If you go to the eagle stage and break the fixed exchange rate, then it will have a second-order effect on the whole ecosystem, and any agreement

Original title: "Maker's Biggest Restructuring in History, DAI May decoupled from Dollar in Future"

Original written by Bennett Tomlin & Liam J. Kelly

原文编译： Katie 辜，Odaily 星球日报

MakerDAO Moving one step closer to its Endgame Plan, MakerDAO has passed a governance proposal to begin the transition to its Endgame Plan, which will push ahead with the largest restructuring in its history. After a recent majority vote in favor of the introduction of the eight Maker Improvement Recommendations (MIP), MakerDAO will launch MetaDAO and launch a new funding pool to generate more revenue for the agreement. This plan fundamentally changes many aspects of MakerDAO.

USDC And "Real World Assets" (RWA)

MakerDAO in October 2021; Founder & have spent Rune Christensen has unveiled his new vision for Maker around a concept he calls "Clean Money". This is a way to use DAI's guarantees to deal with catastrophic climate change.

Rune specifically mentions USDC because it stands for DAI One of the biggest potential risks of stablecoins. According to makerburn data, 81% of DAI in circulation are minted by "stable pledges", mainly USdcs. Unlike other repositories, the stablecoin repository is not overpledged. The USDC and USDP together account for about 42 percent of the total amount of pledges locked by agents. These stablecoins are risky for DAI as the issuer has the option of blacklisting the tokens so that they lose their value, but Maker will consider them to continue to have a dollar value. That's one of the motivations for trying to reduce its exposure and move into Treasurys.

In addition to stablecoins, Maker is increasingly relying on other real-world assets, cross-chain. Bridge assets and other assets that could come under pressure from regulators and law enforcement. Maker's critics have said for years that this is an untenable situation because these assets fundamentally undermine Maker's goal of becoming a "censor resistant stablecoin." Rune hopes that when he announces the "Clean Money" plan, Maker will be able to move assets out of USDC and into other bonds, boosting its earnings. This will make it difficult for regulators or law enforcement to block DAI quickly.

Maker's Endgame Plan

Maker's ultimate plan is a fundamental redesign of many aspects of the Maker protocol. One of the changes was the creation of various MetaDAO -- small communities with Maker features or growing parts. Nominally, MetaDAO is supposed to help manage some of the political and interpersonal issues that Maker governance has been grappling with. Each MetaDAO has its own bank of funds, which MetaDAO does not control, but the Maker Core DAO does.

每个 MetaDAO 也将有自己的 Token ，操作自己的前端，并将有 yield farming。MakerDAO 将从一个双 Token 系统（加上质押品）转变为一个多 Token 系统，通过复杂的 Token 经济系统，允许 MetaDAO 创造自己的价值，同时仍将价值返回给 Maker Core。目的是让 GovernorDAO 负责组织 Maker Core 的去中心化劳动力，CreatorDAO 专注于 Maker 生态系统中的增长和创新，ProtectorDAO 专注于调解 Maker Core 与现实世界的互动。

Maker Core 仍然由 MKR 持有者而不是 MetaDAO Token 持有者管理，将始终保持对所有 MetaDAO 及其资产的控制。MetaDAO 中的投票是信号，执行要由 Maker 管理层投票。除了打破 Maker 目前的组织结构，终极计划还打算从根本上改变 MakerDAO 所采取的质押品类型和立场。

"A physical crackdown on cryptocurrencies can occur without prior notice and without the possibility of rights protection for legitimate users who have been 'unintentionally maligned,'" Rune argues. "This violates two core assumptions we have used in the past to understand RWA risk, making the authoritarian threat even more serious." Rune's motivation for including these changes in Maker was a desire to make Maker more resistant to scrutiny and make it harder for regulators to apply pressure.

Rune has three phases for Maker:

The first, called the Pigeon Stance, is basically the present state of Maker. During this phase (scheduled to last two and a half years), Maker is focused on earning revenue and storing it for the next phase. .

After two and a half years, unless it is delayed or started earlier, it will enter the Eagle Stance phase, reducing the assets that can be seized to less than 25 percent of total assets. If necessary, they intend to break DAI's peg to the dollar at this time.

Finally, there is the "Phoenix Stance", which activates only in times of global instability or when the pledge is likely to come under attack. Remember, this can happen at any time and without warning. In this phase, all remaining seizable assets are sold to obtain more ETH.

Finally, if the capital pool is insufficient to pay off the debt and the agreement surplus is insufficient, then MKR will be sold to the market to keep the agreement solvent.

What does the Maker actually change?

Not all of these changes were made before the Final Plan. They created a simulated vault controlled by the protocol to hold stEth. It expanded the mandate of some core units, changed the pledge process, and removed some old Improvement Proposals (MIP). The process of launching the first MetaDAO is beginning.

计划的其余部分尚未公布，但在某种意义上已经开始了倒计时。预计三年后将转向「鹰姿阶段」，并可能打破与美元的挂钩，但 MKR Token 持有人仍然可以选择无限期推迟过渡。MKR 持有者最终可能会被激励无限期地延长「鸽势阶段」，并继续寻找继续提高收益率的方法。

Consequences of breaking DAI's peg to the dollar

If MakerDAO chooses to enter the "eagle phase" and break the fixed exchange rate, then it will have a second-order impact on the entire ecosystem. Any agreement that implicitly or explicitly assumes that DAI is pegged to the dollar is subject to decoupling. MakerDAO founder Rune Christensen is by far the biggest voice pushing for a change in the protocol. He correctly identified the risks of the agreement, proposed a solution he supported, and passed the signal vote. But his "dove phase" structure may allow MKR holders to profit from inaction, reducing their incentive to deal with the problems they find. If the "solution" goes ahead, it will permanently change the need for DAI and its place in the ecosystem, and could disrupt other protocols.