The non-profit organization behind the MakerDAO, the Maker Foundation, has announced it’s transferring the trademarks for both Maker and the Dai stablecoin to a Dernmark-based independent foundation.
The new foundation, called the Dai Foundation, will also receive the open-source software intellectual property for Maker Protocol components, according to the announcement. The Dai Foundation’s purpose, according to maker, is to “safeguard what cannot be technologically decentralized in the Maker Protocol.”
The announcement reads:
The Dai Foundation has been created to safeguard certain intangible assets that underlie the MakerDAO system, which should not be taken over by or transferred to a single for-profit entity.
Rune Christensen, CEO of the Maker Foundation, added that it is committed to “driving and supporting the decentralization of the Maker Protocol,” and that the transfer of the trademarks and intellectual property to the Dai Foundation means the community can “rest assured that these assets are safeguarded and will be used for the benefit of the Maker Protocol beyond the Maker Foundation’s limited lifetime.
The Dai Foundation’s operating expenses are set to initially be covered by a donation from the Maker Foundation. In November 2019, MakerDAO launched the multi-collateral Dai stablecoin, allowing users to create new Dai using various assets as collateral. With it came the Dai Savings Rate (Dai), which allows users to earn interest on their Dai holdings.
Last month, Maker announced the launch of governance polls to address a potential $340 million vulnerability, after a software developer outline a potential attack to steal funds from the decentralized organization.
Featured image via Pixabay.