MarketDAO prepares to close and transfers its assets
CONTENT

  • MarketDAO prepares for the final closure of the fund

  • The rights to dispose of tokens will be transferred to holders

  • MarketDAO founder has prepared three steps to liquidate the fund

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The fall in the cryptocurrency market, which was observed in mid-March, hit hundreds of decentralized companies.

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Within a few hours, many positions in tokens were frozen or liquidated, and the projects themselves declared a lack of liquidity and inability to fulfill their obligations to clients. One such project is the MarketDAO fund. And although the dissolution of the fund was planned a long time ago, recent market events are pushing the team to a quick reaction.

According to the founder of the company, Rune Christensen, today control over the supply of unallocated management tokens has been transferred to the owners of MKR. As stated in the official announcement posted on the organization’s website, the MKR token contract is now fully controlled by MKR holders. Since MKR holders now have full control over this contract, decentralized governance is the only way to change the authorization of MKR tokens..

Despite the fact that the foundation as an organization will cease to exist, MarketDAO employees will not disappear anywhere, but will join the user community. The original idea was to completely decentralize the MakerDAO foundation so that different parts of its work are carried out by different organizations..

Further work of the fund will be divided into 3 main stages or plans.

Stage 1. Election of paid contributors (Elected Paid Contributors)

According to Christensen, MakerDAO needs to break down the different types of work it does into different organizations around the world. The idea is that groups will come to MKR owners with suggestions and budgets, and if these globally dispersed MKR owners like the concept, they will fund the project..

Stage 2. Maker Improvement Proposals

The goal is to formalize and structure what is already happening in the MarketDAO community. Improvement proposals are a way to describe and create a single system of improvements with generally accepted criteria, and then streamline all ongoing processes with prescribed criteria..

Step 3. Voting for delegates

According to Christensen, the delegates’ job will be to hold office and participate in public debates in the forum. Thus, delegates will earn the support of voters, and those, in turn, can transfer tokens to delegates.

MarketDAO prepares to close and transfers its assets

In other words, it is a representative democracy, one where a voter can change their representative in real time..

Rune Christensen is confident that MarketDAO plays and in the future will play a key role in the development of decentralized projects.

Disclaimer

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