MakerDAO (MKR) CTO Bails Following Internal Disputes


MakerDAO (MKR), the creator of stablecoin Dai (DAI), has been dealing with an internal shuffle after CTO Andy Milenius left the company earlier this month.

According to a previously published open letter, Milenius decided to leave the company due to conflicts between executives over the Maker’s workspace, the behavior of CEO Rune Christensen, and the very nature of the company’s structure as it pertains to being a true decentralized autonomous organization (DAO).

In response to the open letter, Matt Richards, the former President and COO of Maker, fired back with some harsh words on Reddit.

“It was not enough for Andy to reinvent the financial system,” states Richards. “He also had to reinvent the way that work gets done (he didn’t know how it needed to be different, only that it did). According to Andy, no amount of accountability was acceptable, the efficiency that came with explicit hierarchy did not outweigh how uncool or unfair it was, MKR investors interests were of little consequence, the dev fund was for “hacker aesthetics, development tools, Free Software, grassroots empowerment, memetics, the Unix Design philosophy and especially the political implications of decentralized technology”‚Ķ and if Maker’s vision was built as a by-product, cool.”

Richard concludes by stating his belief that MakerDAO will be better off without Milenius, and that he still believes in the future of the organization.

This news comes as the Maker Foundation has been steadily increasing the Dai stability fee, which is generated over the lifetime of CDPs. Most recently, the team decided to up the fee to 16.5%, a significant increase over the 4% it stood at just last month.

According to the foundation, the key factors under consideration for increasing the Stability Fee include:

  • Exchange price persists below $1
  • High inventory levels among market makers and prop desks
  • Little attributable impact from the previous Stability Fee increases

While the recent internal strife may seem ominous for the DAO, a Thursday blog post by the team highlights a number of recent partnerships and developments that paint a rosier picture for the project.

More: MakerDAO Demos Tech to Back Stablecoin DAI With Any Crypto Asset

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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