In the ever-evolving realm of decentralized finance (DeFi), MakerDAO’s recent NewChain announcement stirred notable attention. Despite its deep-rooted affiliation with Ethereum, the co-founder of MakerDAO, Rune Christensen, has unveiled plans that hint at a different trajectory.
The NewChain Proposition
Amidst a series of updates, the most compelling is MakerDAO’s progression towards “NewChain”. This new native chain forms a pivotal segment of MakerDAO‘s imminent “Endgame” enhancement, set in motion this past May. Although the completion of this final phase might span nearly three years, its culmination promises a wholly revamped Maker Protocol on an independent blockchain.
In a detailed proposal, Christensen emphasized his inclination towards Solana’s codebase for NewChain. But, why?
- Technical Superiority: Solana, according to Christensen, boasts impeccable technical attributes. He extolled its exceptional optimization, deeming it perfect for a unified and ultra-efficient blockchain. “Emerging after understanding blockchain’s inherent challenges, Solana’s codebase impeccably aligns with NewChain’s mission—rectifying Maker’s technical constraints,” opined Christensen.
- Proven Resilience: The robustness of the Solana ecosystem is hard to dispute. Having weathered storms like the FTX debacle and multiple trials, its tenacity is proven. Christensen extrapolates this resilience as indicative of Solana’s longevity. Furthermore, he anticipates this would ensure a rich reservoir of skilled professionals for MakerDAO to harness and a cost-efficient pathway to craft and sustain NewChain.
- Precedence in Adaptability: Solana’s adaptability isn’t merely theoretical. There are precedents where its codebase has been tweaked to function as appchains. This showcases a viable route for MakerDAO to carve out NewChain.
Christensen acknowledges the Ethereum Virtual Machine‘s (EVM) significance in user-centric development. However, he stresses that EVM stands out for user interfaces but aligns differently from MakerDAO’s intricate backend requisites.
NewChain’s Specific Purpose
Envisaged as the backbone for MakerDAO’s SubDAO tokenomics and governance fortifications, NewChain’s role is clear-cut. Nevertheless, stalwarts like MKR and DAI will perpetuate their Ethereum allegiance.
MakerDAO’s strategic pivot, symbolized by its “NewChain” adoption, underscores the dynamic nature of DeFi innovations. With Solana poised to play a crucial role in this transition, decentralized finance may witness new paradigms and benchmarks.
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