Foundation Proposal Approved!

September 25, 2018

Recently, MKR holders voted on Maker Foundation Proposal v2. When the poll closed on September 15, we had a winning proposal with 99.86% of participants (representing 47,601.40 MKR) voting “yes.”

The vote was a pivotal moment for MakerDAO, the community and the Dai Credit System as it set the groundwork for Maker Governance. The vote was also notable in the broader world of DAOs, as it is one of the earliest examples of decentralized governance in action.

Here are some statistics, thoughts and insights from the first vote:


Transactions signed with…

    • MetaMask — 201
    • Ledger — 84
  • Trezor — 35


    • 65 Vote proxy links initiated at
    • 47 Vote transactions
    • 684 Users in the last week
    • ~48,000 MKR used to vote
  • Median lock: 17.21 MKR (ignoring txs of less than 0.1)

Thoughts from the community:

The Maker community has expressed a lot of helpful and insightful feedback related to the first vote.

Many noted that the system worked well, but that the process was a little more complex than many casual MKR holders may be familiar with using. The tutorials and videos were seen as critical elements for executing the vote with confidence.

Similarly, some users experienced confusion around how to complete the vote. Specifically, working with hot and cold wallets and withdrawing MKR from the voting contract after the vote is over.

Next steps:

Our focus is on continuing to improve the voting experience for MKR holders. High priority items include:

    • Addressing the anxiety voters have in locking up their MKR in the voting contracts with additional instruction, discussion and UI enhancements.
    • Extending the breadth of wallets supported… including allowing the same hot and cold wallet. For example, letting voters use a single MetaMask account as their cold and hot wallet.
  • Improving the hardware wallet experience. For example, making it easier for users to pick the most relevant addresses through better instruction or possible collaboration and/or integration with select hardware wallets.

Thanks again to all who participated in last week’s vote. It was a critical step toward the future of MakerDAO, the community and the Dai Credit System.

September 25, 2018