After years of thorough preparations, which included planning, securing partnerships, coding, legal compliance, and community building, Maker’s project is finally coming to a fruitful close. The Maker Foundation is finally readying itself for the launch of Multi-Collateral Dai on the Mainnet.
The Foundation, excited about the whole achievement, published a blog post detailing the milestones roadmap that colored the entire journey. According to the roadmap, the eventual decision on whether to activate Multi-Collateral Dai or not rests upon MKR voters.
Contents of the Roadmap
However, while the primary role of the Maker Foundation will be to drive the conversation about the main details of the protocol, the roadmap gave an in-depth explanation of everything. Dwelling on the following, it highlighted an overview of all the crucial milestones ought to be met so that MCD goes live:
In preparation for its last stage, the Foundation was busy updating the core MCD contracts on the Kovan testnet. Part of the several months’ process majorly revolved around engaging the community with the testing of the project’s main elements.
According to the blog post, the feedback helped the Foundation develop it even further. However, the contracts’ completion gave way for the next milestone, which mainly is targeting the ways and means of delivering the system.
Auditing the System
Of course, the security system had to be audited and ascertain that indeed the code is secure. According to the roadmap, however, this milestone involved engaging several independent and respected 3rd parties who carefully scrutinized and verified the MCD contracts.
The expert auditors would then publish independent reports. Finally, as it’s a norm, the Foundation had to announce a bug bounty program as part of this crucial milestone.
Publishing the project’s Documentation
The roadmap also included making the Foundation’s documentation public for the community to access, read, and understand all the aspects that make up how the system would operate. This step was characterized by documenting everything relating to how the auction bots are developed.
Additionally, it revolved around drafting everything about migrating Single Collateral Dai, including the CDP to the new Multi-Collateral Dai. The document written had to capture all the information on how the migration could be tested as well.
On Governance, Risks and for the Community to Achieve Consensus
The protocol is firmly built on decentralized governance and community involvement. The community has been openly enthusiastic about the whole project, as witnessed in the weekly meets, Subreddit threads, and conversations on Our Rocket.
But still, the Maker Foundation banks on their high level of engagement, especially now that it is edging closer to getting the project done. Part of the role to be played by the community involves realizing governance milestones, including the following:
- Working hand-in-hand with the governance community in planning and understanding the best way of managing and debating it.
- Publicizing the Collateral Onboarding Guide as well as the Application form; two crucial documents which, when it comes to introducing new assets, would offer all the right information to the community.
- Rolling out a Governance Poll that would decide the tokens that the MKR token holders would want to be evaluated by the Foundation’s Interim Risk Team.
- The Interim Risk Team will then release a complete Risk Framework document with all the information, models, and guidelines used in assessing risks in the ecosystem.
- Conducting a Governance Poll which will either accept or reject the Risk Framework document, followed by another poll that also either accepts or rejects the Interim Risk Team’s role. However, everything regarding the two elections is discussed when the project is about to be launched.
- Evaluating the different types of collateral according to how the community prioritizes them starts with a voting process carried out by the community. They may choose to approve each of them individually, opt for the entire batch in one go or sub-divide them into ‘risk category’ buckets.
- Lastly, this milestone ends with the MKR holders voting to approve the whole Governance and Risk process formally. This last step happens just before the launch and officially allows all approved assets to be moved from Debt Ceilings for the MCD.
The essence of having a pleasant User Experience
Throughout this, it is critical that they uphold an approachable, easily understandable experience because it’s key to the success of the Foundation. In light of this, the project’s design team has been doing a lot to boost adoption of the ecosystem.
Furthermore, now that each milestone represents a particular level of progress towards achieving Multi-Collateral Dai on Mainnet, their importance can’t be underestimated. Thankfully, the project has been rolling on well so far, and it’s only a matter of time before it goes live.
You can expect in-depth updates and Call-to-Action
The Maker Foundation is winding up, which basically means it will be briefing the community on everything happening regularly. It already has a dedicated page where one can easily track the progress straight from their website.