MakerDAO Passes New Constitution to Protect Governance Process28. März 2023
• MakerDAO has passed a new “constitution” to formalize its governance process.
• The constitution creates different offices with various powers and responsibilities.
• The Maker Constitution was approved by Maker Governance with 76.04% of the MKR vote.
MakerDAO Passes New ‚Constitution‘
MakerDAO, the decentralized autonomous organization that governs the Dai (DAI) stablecoin, has passed a new proposed „constitution“ intended to formalize governance processes and help prevent hostile actors from taking over the protocol. This governing document creates several categories of participants with different powers and responsibilities in order to ensure that the Maker Protocol is followed correctly and user funds are not lost due to any weaknesses or vulnerabilities in its governance structure.
The Maker Constitution proposal passed with 76.04% of the MKR vote, while 23.95% of MKR votes went against it, and 0.01% abstained from voting on the matter altogether. Despite its approval, some within the Maker community have criticized this constitution as being authoritarian in nature due to certain powers it grants its various offices such as constitutional conservers (CCs).
Powers Granted By Constitution
The constitution grants CCs power to remove listings of officers from the app’s front end if they are believed to be violating it, while constitutional voter committee members (CVCMs) craft position documents for voters to consider and constitutional delegates (CDs) operate smart contracts that allow MKR holders to delegate their tokens without losing custody of them. With these powers comes responsibility for all participants involved in order for this system of governance to function effectively and keep user funds safe from malicious actors looking exploit any vulnerabilities present in it.
Criticism Of The Constitution
Despite passing through Maker Governance, some members have openly criticized this constitution as being too authoritarian in nature due to certain powers granted by it which could enable malicious actors looking exploit any weaknesses present within Maker’s protocol structure . These criticisms come mainly from pseudonymous Twitter users who argue that this constitution does not provide sufficient protection for user funds or freedom for those participating within it .
Overall , despite certain criticisms , this new proposed ‚constitution‘ looks set to become part ofMakerDAO’sgovernance process and will help protect user funds by providing additional security measures whilst also giving participants more freedom when delegating their tokens .