The DAO governing one of Ethereum’s most important stablecoins looks to Consensys for its network and specialized research.
MakerDAO is one of the ecosystem's largest and most influential DAOs, providing decentralized financial services that are considered a cornerstone in DeFi. As protocol adoption increases, the urgency to govern DAI and related DeFi functions becomes more apparent.
Across our ecosystem, DAOs face new challenges across macroeconomics, operations, regulations, and specialized finance. The Consensys Cryptoeconomics team is uniquely suited to help MakerDAO weigh governance decisions against this dynamic market backdrop. Through extensive outreach and research in the ecosystem, Consensys understands Maker’s complexities and challenges and is excited to help support the advancement of the protocol.
“MakerDAO’s resiliency depends on motivated actors governing the protocol. We’re pleased to add Consensys to our impressive list of Recognized Delegates, and look forward to seeing how Consensys applies its resources and reputation to protocol governance,” said Payton Rose, Governance Facilitator at MakerDAO when asked about Consensys joining Governance Delegation.
Consensys Deepens its Web3 Participation
Consensys has been at the forefront of decisions that keep the spirit of decentralization and transparency alive in the Ethereum ecosystem. As the Ethereum ecosystem has grown, new players have entered the market. Many of these new entrants are coming to our space with the mindset of the centralized establishment forces that do not care for the communities they serve, and focus on extracting as much value out of those communities as possible.
We sought to replace these extractive values in crypto. Now, many of these extractive agents are appearing in the most crucial layer of our ecosystem: its governance. Thus, Consensys sees a profound need to ensure there are influential actors within the governance of core Web3 protocols that protect the values of decentralization and accountability that our industry was founded upon.
The MakerDAO governance delegation is led by members of the Consensys Cryptoeconomics team specializing in tokenomics & mechanism design, investment strategy and solutions, and Web3 & DAO participation. The MakerDAO community can leverage the team’s deep industry knowledge, network, and thought leadership to expand collaboration within the protocol and throughout the ecosystem.
“Decentralized autonomous organizations and community NFTs are leading us towards new ways of working together, creatively collaborating, and growing from the fruits of our labor. In our cryptoeconomic work, Consensys is marrying the quantitative approaches of mechanism design with the qualitative art of balancing governance, participation, and community empowerment,” said Lex Sokolin, Head Economist & Global Fintech Co-Head at Consensys when describing Consensys’ Web3 participation.
In addition to its governance roles supporting prominent ecosystem protocols, Consensys is encouraging employees to participate in external DAOs, brokering industry-first relationships with groups like BanklessDAO and even experimenting with internal DAOs to improve grant funding for products like MetaMask.“Direct and mutually-beneficial ecosystem participation is a cornerstone of the Web3 ethos. DAOs are a critical piece of ecosystem infrastructure that requires attention as the industry continues to gain global adoption. As an agent of change in Web3, Consensys identifies DAO governance participation as a critical factor supporting ecosystem sustainability,” said Cameron O’Donnell, DAO Governance Strategist.
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