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Editor | Lu Xiaoming
Produced by OdailyAuthor |Editor | Lu XiaomingRecently, the stablecoin market has been turbulent,Tether uses reserves to help Bitfinex cover $850 million in losses
, and media reports
The MakerDAO Foundation Management Is Going Through Infighting
, five board members were asked to resign by the CEO.According to the report, a legal document dated April 1 shows that there is an ongoing infighting within the MakerDAO Foundation. The document comes from lawyers for five board members of the MakerDAO Ecosystem Growth Foundation (MEGF), in which the five board members said they were pressured by company CEO Rune Christensen to resign in late March.27%According to the letter, its chief executive asked five directors "to resign or be replaced on the grounds that they participated in a 'conspiracy' in breach of their fiduciary duties as directors."It is understood，, at the end of 2018, MEGF established a board of directors. A board of nine technologists oversees funding related to web development. This amount accounts for the current total number of MakerDAO governance tokens
, but the problem is that the identities of the nine board members have never been disclosed.
And in a recent article
The foundation announced that its board of directors will be restructured in a way that not only ensures representation of the decentralized stakeholder community, including technical contributors and security experts, but also draws on elements of the traditional board structure, including independent directors. Reorganization of the MEGF Board of Directors.
The board reshuffle sparked tensions in a subsequent community call on April 9, in which participants called for community transparency, but did not receive a concrete response.
Odaily interviewed Pan Chao, head of MakerDao China, on this matter. He said that the nine board members were originally nominated by veterans and elected through the democratic consent of all team members. Through multi-signature, the board of directors controls and supervises the developer fund. It is a security consideration that the identity is not disclosed. If the identity is disclosed, it will be a great risk to both their personal safety and financial security.The legal documents mentioned in the article do exist, but they are all subjective statements of the five members and do not represent the facts. He said that there is no internal fighting in the team, and the structure of the board of directors does have personnel adjustments, but the specific number of members and the ratio of personnel have not yet been determined. The overall operation and development of the company are normal.
Regarding the reason for the dismissal as "participating in a 'conspiracy' and violating their fiduciary duties as directors," he said, "I have no comment on this. "
Regarding the issue of "whether the foundation's proprietary trading department is a for-profit organization" mentioned by community members in the conference call on April 9, Pan Chao said that he is not clear about the specific direction of the issue, butThe team plans to seek some commercial profit models.
MakerDAO is a member of the Ethereum Community Foundation. The DAI issued on Ethereum is a collateral-based stablecoin, which maintains a 1:1 anchor with the US dollar. Essentially speaking, it is based on cryptocurrencies with high currency volatility, and attempts to build digital currencies with relatively stable prices through over-collateralization and other models, thereby facilitating transactions. In a sense, the logic behind it is similar to real estate loan mortgages, where users mortgage their real estate (cryptocurrency) to obtain cash (stable currency). When the property appreciates, the user can apply for more loans; when the property depreciates, the bank will urge the user to repay the loan. If it cannot be repaid, the property will be taken away to reduce the bank's losses.
According to the ETH March monthly report recently released by TokenGazer, a blockchain investment research institution,
The data shows that on April 10, 2019, MakerDAO users had mortgaged 2.11% of the ETH in the market in smart contracts in exchange for the stable currency DAI, and the total value of ETH in MakerDAO was about 402 million US dollars, a month-on-month increase of 44%, accounting for About 93% of the total value of tokens are locked in decentralized financial projects.
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