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Maker (MKR) Launches New Executive Vote, Here Are Expected Changes

Thu, 04/06/2023 - 12:58
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Godfrey Benjamin
With about 10 proposals unveiled by Maker, three major ones stand out
Maker (MKR) Launches New Executive Vote, Here Are Expected Changes
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As a lending protocol with deep roots in decentralized governance, Maker (MKR) has launched a new Executive Voting campaign as it seeks to introduce new changes to the protocol. Taking to Twitter about 10 changes, the Maker community is being enjoined to delegate their governance tokens to approved delegates.

While all of the proposals seek to cause a positive shift in the Maker ecosystem, three stood out among the pack. The first is the proposal to raise the timing for the Governance Security Module (GSM).

Typically when a new proposal is passed, there is a time-lapse measured in hours before the proposal goes live. This provision was implemented in a bid to protect members of the community from fraudulent MKR holders, who may propose and push forth a harmful proposal that generally benefits them.

The GSM time-lapse is currently placed at 16 hours, and the proposal seeks to raise it to 48 hours in order to make it more effective.

The second impactful proposal hinges on rewarding recognized delegates with a compensation bill for the month of March. As delegates are rewarded, so too are participants who delegate their tokens to support these delegates.

Maker DAO (MKR) Loses 25% Following 100% Rally in February: Here's Why

Protecting overall Maker ecosystem

The third most significant proposal hinges on the outright protection of the Maker ecosystem through the passage of the Emergency Shutdown Interaction Changes. This network upgrade will seek to protect the protocol by overriding the Governance Authority over the MIP21_LIQUIDATION ORACLE contract.

Emergency shutdowns are necessary in case of a serious attack on the Maker protocol or when a major upgrade is about to be implemented on-chain. This proposal will introduce unique flexibility to the entire emergence shutdown process and help position Maker as a security resilient protocol.

Maker's native token MKR is building momentum on its earlier known bullish moves to chart a bullish run and is up by 2.36% at the time of writing to $710.74.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.