Unchained The Chopping Block: How to Manage MakerDAO, With Hasu and Rune - Ep. 383
Aug 11, 2022
Rune Christensen, co-founder of MakerDAO, and Hasu, a decentralized finance expert, dive deep into governance challenges within MakerDAO. They discuss their differing visions for MakerDAO and the crucial role of collateral, including the impact of real-world assets. Hasu introduces his mental model of DAI as eurodollars, while Rune argues against a single council to mitigate political risks. They also explore concepts like 'clean money' and the philosophical motivations behind crypto, questioning if DAOs can truly align with members' best interests.
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DAO Vulnerabilities
- DAOs, unlike legal entities, lack protection against theft or embezzlement.
- Decentralization cornerstone implies DAOs might incentivize such actions if solely profit-driven.
DAOs Need Shared Vision
- Purely profit-driven DAOs are unsustainable due to conflicting individual visions.
- A shared vision beyond profit, like "clean money", fosters altruism and genuine DAO contribution.
Defining MakerDAO's Vision
- MakerDAO's vision needs clarification before addressing governance, as "decentralized bank" is too broad.
- Hasu suggests a constitution to define MakerDAO's purpose, envisioning it as a shadow bank providing dollar-denominated deposits (Eurodollars).