I posted my thoughts on the StakerDAO Telegram channel, of what I learned over the last 24 months as a Maker Community member, and wanted to share here with the StakerDAO community–in the hope that the Staker Community innovates and does not follow in the same footsteps:
As a MakerDAO community member/participant—here are some lessons and “mistakes” that the Maker Community has made IMO, and others’—during the last 3 years:
- The MakerDAO/Maker Community did not focus on decentralization and instead became dependent of the Maker Foundation.
“People think that just because they own the token, they don’t have to do anything… they need to get off their ass and do something, don’t expect me to do everything” -Andre Cronje via the Unchained Podcast
“There are many different ways to participate. It should apply to almost everybody who has a complete body, sound mind, and is looking to work.” –Naval
Per Maker Foundation CEO Rune Christensen, the foundation became more focus on the quick adoption of DAI usage by the masses (scaling to the average Jane & Joe) and did not focus on innovations/adoptions of the ever so changing DeFi space
When black swan events occur, people will point fingers—therefore decentralization is the best path to prosperity. Unfortunately, the foundation is now entangle in litigation because of the Black Thursday events.
Incentivize: if you don’t motivate your community via incentives, then more than likely they won’t move their behinds to participate. Here’s a nice vid on Incentives from Startup Founder Sam Williams:
Reward your Users for participation: in the early days of MakerDAO, Olaf Carlson-Wee stated in an interview with Laura Shin, that they had considered rewarding Users for opening Vaults ( CDPs) via Liquidity Mining. But they decided against it.
Overwork your foundation Devs and other foundation Teams, and the output will be stressful/less efficient—which will lead to departures. Some of the best Devs in Ethereum have left the DAO, including the co-inventor of DAI.
Incentives, incentives, and incentives. Incentivize your community.
All in all the Maker Community is resilient and it has now focus on decentralizing. With the leadership of many community members, I believe any DAO can do the same. We just need to pay attention to the mistakes that have been made along the way to full decentralization.
I hope the StakerDAO Community avoids such miss-steps, and rallies around the DAO to create a memorable experience for many future generations.
And last but not least–I’ll leave you with this quote:
" Communities of today can be the greatest generation of the 21st Century. This is a moment for you to show who you are, and what you want your life to stand for. The present has stopped working. We must create a different future." -Mike Maples, Jr.