By Eduardo D’Angelo P Silva
The MakerDAO protocol was initially fully decentralised. In 2018, members of MakerDAO decided to house some protocol development within the Maker Ecosystem Growth Foundation (MEGF). MEGF supported MakerDAO as it matured into its well-known Ethereum-based decentralised finance (DeFi) protocol, permitting users to generate the Dai stablecoin against other digital assets without an intermediary. In turn, MakerDAO has grown into a DeFi leader with over 10 billion Dai on the market today, backed by over 17 billion USD in different crypto collateral.
Now the project has come full circle, the day-to-day operation of the protocol has been entirely turned over to Maker’s Decentralized Autonomous Organisation (DAO), which already managed the protocol by vote, and MEGF has been dissolved.
ZEDRA Cayman team led by Dave van Duynhoven and Eduardo D’Angelo P Silva, members of MEGF’s board of directors, provided the local governance, corporate and regulatory support required at each stage of MEGF’s life cycle.
The Maker Foundation’s former General Counsel, Brian C. Avello commented: “Since its founding, Maker has always navigated uncharted waters. Establishing MEGF, completing its limited development mission, dissolving the foundation company, and leaving the protocol fully in the hands of the MakerDAO community has been a challenging experience, even more so when one considers the complexity of Cayman Island law. Dave, Eduardo, and the rest of the ZEDRA Cayman team were integral in making MEGF a success and, from my experience, a pleasure to work with.
Eduardo commented: “The incorporation and day-to-day support to one of the first foundation companies to take advantage of the new legislation passed in 2017, combined with the novelty brought by its decentralization and blockchain aspects were at the same time challenging and stimulating. Thanks to the professionalism and expertise of the Maker team, it is extremely rewarding to see the project reach this stage and have the MakerDAO community taking full control, showing a path to other projects to achieve their decentralization.”
To know more on ZEDRA Cayman can help You with governance decisions related to DAO protocol or more generally on Cayman Foundation please contact Eduardo D’Angelo P Silva.