The co-founder of MakerDAO the creators of the stablecoin DAI, Rune Christensen, has recently submitted a proposal to build DeFi project’s upcoming chain off a fork of the Solana Codebase.
The last phase of Endgame is the launch of a native blockchain for Maker with the codename NewChain
It will make the ecosystem more secure and efficient
After some research, I believe the Solana codebase should be considered as the basis for NewChainhttps://t.co/KyGxBBGlVH
— Rune (@RuneKek) September 1, 2023
However, this time, the platform has chosen not to opt for EVMs despite its long-term ties with Ethereum. MakerDAO’s native chain, dubbed the NewChain, is part of the fifth and final phase of the platform’s Endgame upgrade announced in May this year. The final phase would take around three years to complete and would see the full reimplementation of the Maker protocol into a standalone blockchain.
Key Factors For Opting Solana’s Codebase
Christensen highlighted in a tweet that the Solana codebase should be considered as the basis for NewChain after in-depth research. Solana’s Codebase was classified as the most promising option to explore as it offers three major factors. The first among them is the overall technical quality of the Solana Codebase as it is highly optimized for the purpose of operating a singular, highly efficient blockchain. Secondly, the Solana ecosystem has displayed great resilience following the turmoil of FTX without crumbling.
The final factor is the already existing examples of the Solana Codebase being forked and adapted to work as appchains. However, MakerDAO could follow a similar process when developing its NewChain. Despite the development surrounding MakerDAO, its native token, MKR, was seen trading in the red once again. At the time of writing, MKR has declined by approximately 3.37% within the previous 24 hours, consolidating the trading price down to almost $1,090 with a market cap of $1 billion mark.
Why did makerDAO Choose Solana Over Ethereum?
Shortly after the announcement, members of the crypto community began questioning Christensen regarding the decision. It was, however, clarified that EVM might be a feasible option when it comes to building things solely for the users. However, the implementation of EVM would not suit the requirements of MakerDAO on the backend under any circumstances.
The co-founder of MakerDAO suggested that the Solana ecosystem would stick around in the longer run, maintaining a high-quality pool of talent available for Maker to access. NewChain would be a backend for the project’s SubDAO tokenomics as well as governance security. The platform’s native token along with its stablecoin DAI would continue to function as usual on Ethereum.
