MakerDAO Endgame

Transcript

all right thanks everyone for coming yeah I'm maroon Christensen co-founder of maker dial and this early morning on day two and I'm here to give you the short and brief Insight on the biggest thing to happen in crypto in a long time which is maker endgame so before we get started and dig really into it let's just talk briefly about why are we all here right I mean we're here because we believe that there's so much blockchain can do for the world to

help real people including fixing the financial system which is going to massively improve lives all around the world um the problem is that it turns out not everyone is here for the same reason right I mean over the last well I mean for let's say quite a while in this space we've seen that there's a lot of people who are just here to make a bunch of ponzies make a bunch of scams make some quick money and actually don't really care about the real potential of the technology itself and that has you know that has reflected on the reputation of our industry but the good news is that there have been projects actually

building all along uh and makerdale is among them right we have been consistently throughout even the past Bull Run when everyone was busy getting rich and building stuff that didn't do anything our Focus has been on delivering real value through accomplishments like actually delivering unscalable Rebel assets and this has allowed us to actually end up with tremendous growth so in a situation where everyone else in the space now for the most part is down bad maker is actually growing we're we're moving up we're moving forwards and we're now I mean we've always been the oldest and the first Dao now we are definitely the largest and what it means

is basically this is a smart contract based system that's run by people from all over the world collaborating to manage the world's largest decentralized stable coin the die stable coin um which actually today has reached more than uh 5.2 billion die in circulation in the past two months it's grown by almost a billion and this massive scale of the diastable coin has resulted in more than 170 million dollars in income per year for the Dow um so this is just the beginning I mean we're

growing but we want to grow even more right we want to take it to the next level and we want to make sure that when this industry comes back this time it'll be based on delivering real value real growth right no more hype and pumping but just focus on all of the real potential that exists with our technology but to get there we will have to implement the maker end game we'll have to rethink a lot of the core things that make maker what it is so that we can really fully realize this potential first we've got a relatively minor change that ultimately symbolizes this completely new era of the project so we will be introducing a new brand

the goal here is just to take the existing brand and and make an alternative that is more just generally appealing to regular people that can bring in people that can make it really easy for people to get started with a stable coin um and also to help overlap the user base and the governance of the of the ecosystem uh by give making an entry point and an access point to the different forms of gamified participation like yield farming that we'll be introducing in endgame so the real challenge that we're really

tackling here is the problem of governance scalability so makers become so big and so successful that we've run into a scalability limit of just how big and how you know how much real value can you have in a dow before it becomes too overwhelming to try to control it all right because there's so much there's so much economic value there's so many features and it's reached a point where it's quite overwhelming for regular people to try to participate in maker governance so where we want to go is into this new paradigm we call sub-dials right we want to have smaller specialized communities that can focus on a particular product a particular

Market bed and also can self-organize you know the the unique communities with the required culture to do whatever they want to specialize in and so the way we're going to get there is through the subdial launch so each of these uh subtitles that are launching which initially will be four in total with more to come will have their own token and the tokens really represent all of this untapped value and potential that exists in maker that the dial will be taking and then Distributing to end users through farming and all it takes to to get these

tokens for free is that you have to upgrade your die to the new upgraded version which is by the way entirely optional but if you do that then you can access um the subbed out token farming opportunities and then what's going to happen is the communities get to self-organize right because whoever is farming a particular token ends up really you know defining what that sub-dial becomes so there's just so much opportunity for the broader crypto ecosystem to figure out all that's possible with all of the value and all the potential that maker has already built if we want to take it to the next level and specialize and start to experiment and grow

one of the things that's really cool and unique about makersoft does is that they are small Nimble flexible right they can make decisions fast but they also access this massive scale and the massive potential of maker that's been built up in ecosystem over the past eight years and that's just going to continue to grow as the subdials synergize with each other you know they will access shared economic scale the massive collateral portfolio of the die stable coin the user base the trust and the track record that comes with the makeup brand and also sharing governance infrastructure and even future AI tools that will all be able to synergize and

sort of build on top of each other despite the sub-dials being individually small and flexible entities now the hardest thing of all endows is dealing with the people things like budgets onboarding who to pick for a project this kind of stuff is just incredibly hard if you're really just a bunch of people you know weighing it over the Internet essentially and so what's incredibly powerful about subdials is they essentially get all of the hard stuff done for free for them because from the moment they launched they have complete access to the full-scale maker contributor ecosystem right we've built this up over the past eight years we've

got some of the top developers marketers right contributors in the whole industry and this will just continue to grow so as a sub-dial you don't have to worry about all the complicated and hard parts right as a newly formed Community you can just focus on having fun meaning it's really a matter of deciding what the sub that wants to do you know deciding where they want to make a bed and then deciding how much they're willing to pay for getting that done and then the ecosystem ensures that there already are you know top tier high quality contributors available to do that for the fair price that it takes to get whatever you want to get done done again it's hard to stress just how much of an unlock this is because this is

usually where most Styles they're just sort of get in trouble already sub-dials will have this all fully ready from launch now like I said earlier the sub-dials are born through the creation of new tokens that are then distributed out through farming to the holders of upgraded dye and these dive upgraded dive Farmers that farm the subtle tokens they are the only holders of the Genesis distribution right so there's no like insiders there are no uh you know pre-allocation of sub-dial tokens they're only these Farm tokens so these communities are completely organic it's a com you know

it's a true fair launch of the South Dallas but then as soon as they launch you know then the big question is now that these new token holders have to decide the direction of the shutdown right and of course we don't just want to launch a bunch of tokens and then dump people into like a blank slate with absolutely no idea or no direction of where to go instead for the initial four sub-dials alongside the incubation of the subtitles themselves we've been incubating some very high quality companies called the nested teams that are basically sort of set up as a very compelling starting point that the subdial token holders can choose to

onboard and choose to tap into let's go over the Visions for the full initial sub-dials and how they're going to explore the different dimensions of what's possible in this new paradigm so every single step down has to focus on community has to really develop a compelling Community because a community and a culture and a brand that is the foundation that makes Adele able to function at all then there is technology if you've got a functional Community you can set them up with some powerful D5 Tech and this is what we've been good at in maker since the very early days

and once you get the tech in place then the final stage is you can use the technology to reach out into the real world and interact with institutions and do real asset deals and this is what we've seen that's where the real economic scale the real potential is with D5 so I'll just go through each of the subdials briefly one by one the first one is Sakura Dao this is really our experiment with what's possible if you take a self-doubt and you really just focus it on the social aspect of Dao's right make something that's really really easy doesn't try to do too much with complicated D5 instead it focuses

on just having sustainable income sustainable economics and uses that to develop content things like gaming just different ways that you can provide value to the community that is really less about the money less about complicated finance and more about having fun in a dow and seeing what's possible with this paradigm then there's sparked out this is the sub-dial that is laser focused on cutting-edge D5 Innovation so sparked out already has a live product today in fact spark protocol is one of the top 25 D5 projects in the world by tvl with something like almost 500 TBL today and it just continues to grow right and Spark dial

is going to be in the position to just take this kind of innovation this kind of growth and decide what other Innovations they want to build right basically the goal is to have sparked out to always be at the absolute Forefront of all D5 Innovation that's about building real products that people actually want to use and then we get to the real asset subtitles so this is when things start to get really interesting but also less defined from our end the first real assets of Dao has the code name Quantum right so the brand the name this is all placeholder for now um and what Quant is focusing on is this

idea of the intersection of what's possible with tech and what's possible to finance all right it's a high scale high speed high frequency tokenized Trading real asset allocation Market making all of these things it's also experimenting with what happens if you take a stop down and you leave it as a totally Blank Slate from a branding perspective right so there's going to be no Regional Focus no particular identity developed at all we'll wait and see what happens when people found this token and then decide what to do after they found it uh one unique value proposition of the Quant subdial is that it is born

inheriting a very valuable asset from make a call which is the Clydesdale real asset structure so this is actually the biggest real elastic structure in the world it's deployed more than a billion dollars into T bills already and most importantly it's a very robust and scalable legal structure that can serve as a foundation for all the future real world asset projects that Quant wants to do so they can really hit the ground running then there is the call realize it's up down again this is total placeholder will change of course and so what qual is all about is really the deep end of Highly specialized Finance right so not just things like scalable Public Credit but actually also getting into private

credit which means doing more complex smaller scale deals that can potentially yield much much better returns if you make the right choices and you have the right specialized knowledge to do it and the last step for qual is even to focus on tokenizing private credit which is really the Holy Grail of what's possible with blockchain and and how it can transform Finance so because quality is going to be focusing on private Credit in particular it makes sense that it also has this Regional focus on the part of the world where most of the of the high quality economic growth is going to be happening in the in the foreseeable future the idea is that a lot of what quality

will be doing will be happening right here in Singapore in Southeast Asia right the home of of uh of growth currently our bet is that that's where you know where the growth is that's where the really really good private credit deals also going to be and so this really showcases what's possible with sub-dials and with the token model right because we want to encourage people from the local region to then you know collaborate and farm this specific sub-dial so that they can be on the ground and they can help this up down figure out where are the real opportunities right because you can't sit halfway across the world and think you're going to be making good deals in a place if you you know if you don't

understand the local environment but tokens and sub-dials actually make this possible Right in a way that a lot more seamless and what's been possible in the past and to further underscore this we want to also even you know develop this brand and develop this this the brand strategy the design locally as well right so it is as compelling as possible and really is able to to tap into these benefits to to its maximum uh potential and so call will also be born with this with a an arranged structure uh the one called Andromeda which is our second largest real estate structure maker that is deployed almost a billion dollars into Rebel assets already and is incredibly robust and ready to scale

further into whatever qual wants to do all sub-dials are meant to be really easy and fun to participate in and a key driver of this is going to be staking right so staking helps you know makes it possible for having sort of two segments of users and governance and Community participants right so if you just want to buy the token have fun you can totally do that and you don't have to feel pressure to engage in complicated governance if that's not what you want on the other hand stakers can then choose to be more deeply involved and actually be the people that make the decisions and drive this updos forward so this way there's something for everyone which is really the goal right

accessibility and you know inclusion one of the things we learned over the past eight years in maker is that Dao's simply don't work if they're only about the money uh there needs to be something more compelling something deeper that ties the community together and this is why we developed what we call the purpose system essentially what this means is that every single sub-dial and maker as a whole has to commit to funding public goods basically doing something that's more than just trying to make trying to make money it turns out that if you do this you attract better people to the Dao you keep cohesion and Alignment in the Tao and

ultimately actually allows you to generate a lot more value all that's remaining is getting involved like I said this is going to be the biggest thing to happen in crypto in a very long time finally it's going to be real it's not just going to be smoke and mirrors right we've proven that already with what we've achieved so far in maker and with these tools and the possibilities of endgame we're going to take it to the next level and you should all get involved so what you can do today is you can already now use S die which gives a really great yield on on a stable coin and you can join our discords get join the maker Forum to get more into the

subdials then early next year we'll launch the new brand and the new tokens so you can upgrade your die to be ready for farming and then finally around Q2 you know whenever it's ready hopefully Q2 this subdials will launch and like I said this is going to be the biggest thing to happen to this space in a very long time so when they launch if you want to get in at the ground level you need to figure out what subbed out of farm right what's the right Community for you what's the right specialization for you right where can you provide value and then in return benefit from the value of the token and the value of community increasing thanks everyone for listening

and here are some QR codes for the discords