Around 76 per cent of voters supported the proposal, as per Maker’s governance site

The community of MakerDAO approved an extensive set of rules on Monday which outlines how the $7bln lending platform Maker will operate and make decisions in the future.

The approved proposals include guiding concepts of Maker called “Constitution,” which was written by Maker founder Rune Christensen, and lay a new foundation for governance of the protocol, development and investments of its reserves.

Around 76 per cent of voters supported the proposal, as per Maker’s governance site.

Maker is a lending platform that issues the $5.3bln stablecoin DAI, backing its value with digital assets from borrowers, and progressively, with real-world assets like liabilities from conventional financial institutions such as banks.

The platform is driven by a decentralized autonomous organization (DAO) called MakerDAO that runs the platform via proposals, community discussions and votes. Investors who hold the platform’s governance token maker (MKR) may take part in votes, and their choice is weighted by the volume of tokens they possess.

The approval marks a step forward in Maker’s big revamp called “Endgame,” boosted by Christensen. The initiative intends to revamp the way MakerDAO functions in its core.

The proposal included dividing the DAO’s existing structure into smaller units called SubDAOs, which are self-ruling and self-sustaining entities with their own tokens within the MakerDAO ecosystem.

The plan also intends to enhance platform earnings by investing a part of Maker’s over $7bln reserves into real-world assets and money-market funds, and further decentralize the support of DAI stablecoin to make it more resistant against censorship and sanctions.

The move also revamps DAO’s governance by setting up new groups like Constitutional Voter Committees (CVCs), Constitutional Delegates (CDs) and Constitutional Conservers (CCs).

The plan faced some pushback from Maker investor Andreesen Horowitz in October. PaperImperium, a pseudonymous MakerDAO delegate, called out Maker for restraining delegates talking about Maker publicly under the new rules.