MakerDAO Stablecoin’s Andy MIlenius Leaves The Project Due To Team Governance Issues
The team of MakerDAO is experiencing some conflicts that are harming the project. Andy Milenius, the former chief technology officer at MakerDAO, has recently published a letter in which he explained some of the main internal issues faced by the project. MakerDAO is the firm behind the stablecoin DAI and Maker (MKR). He mentioned that they had some conflicts between his ideas and the ones that other executives had.
MakerDAO Losses Its CTO
MakerDAO seems to be facing some internal conflicts among its members. This was the main reason why Mr. Milenius decided to leave the the project and keep moving forward. In his letter, he accuses Rune Christensen, the CEO of the firm, of trying to take full control over the DAO.
Due to this situation that Milenius describes, developers working at MakerDAO became uncollaborative. These developers were working at DappHub, a separated company that was able to safeguard their independence.
Milenius has also intimated the CEO of the project. He said that if the COO and president Matt Richards wouldn’t leave, he would then do it first. Richard departed as well. During a conversation with Coinelegraph, Milenius said that he is no longer the CTO of MakerDAO.
Meanwhile, Richards has also been trying to explain what happened and which are his views on the conflict. On the matter, he commented in a recent Reddit post:
“It was not enough for Andy to reinvent the financial system. 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).”
He has also mentioned that MIlenius thought it was unacceptable to have no accountability and hat he didn’t care about MKR holders and their interests.
DAI, the stablecoin used by MakerDAO, has been struggling to keep its peg with the USD 1:1. This is why the community has been increasing stability fees above 10%. This would make it more difficult for users to take loans. They will have to pay more for the funds they will be requesting. During the last few months, the digital currency reached $0.96 compared to its ideal price of $1.
At the time of writing this article, MKR is the 19th largest digital asset in the market. In the last 24 hours, it grew 7.11 percent reaching $562 per coin. Moreover, the digital currency has a market capitalization of $562 million.