Community governance models have become a way for project stakeholders to control the projects’ decisions. It’s another iteration of decentralization and has gained traction across the landscape because holders would instead prefer they have a say on the direction of the project where they have their money. It has proven to be instrumental in the growth of crypto projects, and projects like Big Eyes(BIG) and MakerDAO(MKR) are great iterations of the governance model.
However, this model did not have an exciting emergence. It was first used by a project called The DAO on the Ethereum blockchain, created in 2016. The DAO was a decentralized venture capitalist project that allowed several users to pool money on the network and collectively decide on avenues to invest the money for some potential future. The idea crashed after a vulnerability in the network was exploited for a $600 million theft. There was a massive incident in the network at the time, and Ethereum had to backtrack its blockchain to reverse the money, leading to a hard fork, a split in the Ethereum community, and the creation of Ethereum Classic(ETC).
Today, the DAO governance model has been refined into a significant catalyst for growth in several decentralized communities. MakerDAO is another decentralized protocol using the DAO governance model and the DEX protocol and has seen some progress with it. The community constantly proposes ideas to help the project grow, and users can vote on proposals that pass.
MakerDAO(MKR) – Upgrades Leading To Evolution
MakerDAO(MKR) is a decentralized protocol on the Ethereum network backing the DAI stablecoin. MakerDAO has one of the largest TVLs on Ethereum. It is an automated crypto lender with $7 billion in assets committed on its platform and issues the $5 billion DAI stablecoin. Makerl is governed by a decentralized autonomous organization(DAO) through proposals and voting, and membership is open to holders of the MKR token.
Recent news that emerged on Thursday reported that MakerDAO has successfully integrated blockchain data provider Chainlink’s smart contract automation into its Keeper system, which ensures the stability of Maker’s DAI stablecoin. According to the news announcement, Chainlink Automation will perform particular activities such as pricing updates, liquidity balancing for the DAI Direct Deposit Module (D3M), and debt ceiling upgrades for assets held as collateral.
The community, in an executive vote, approved this move, and the integration will be available for integration on Saturday. The move comes as Chainlink has evolved into a deeply integrated software platform, also known as the oracle, in the Web3 ecosystem for feeding blockchain networks with real-world data. It has formed extensive alliances with both crypto and traditional corporations, including telecom powerhouse Deutsche Telekom and interbank communication provider SWIFT.
Big Eyes Coin(BIG) Shows No Signs Of Slowing
Big Eyes(BIG) is a new memecoin project on the Ethereum network with huge prospects to explode. We could see another memecoin season with the launch of Big Eyes considering the traction it has amassed over the past few months. Big Eyes(BIG) has raised over $24 million in presale, and that’s a dream amount for any project launching in present market conditions. Big Eyes is looking to drive the market to another cycle of excitement and volume like Dogecoin(DOGE), and Shiba Inu(SHIB) have done in the past.
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Big Eyes is a cat-themed memecoin and hopes to inspire emerging projects to adopt this new look at crypto jokes. The market is already saturated by dog memes, so it doesn’t make sense when new projects try to ride on the popularity of dog memes. This unique approach by Big Eyes has created an exciting narrative, and the traction the project gets continues to grow.
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