Whale controlling 50% of Multi-Collateral Dai vote

Currently, Multi-Collateral Dai has 29,000 of the 52,000 MKR needed to approve implementation. The top supporter is one whale who has contributed 50.64% of Multi-Collateral Dai’s total votes.

Multi-Collateral Dai voting

MakerDAO uses a continuous approval voting system, which means that in order for MCD to pass, it needs as many votes as the last proposal acquired. The last proposal was to keep all Dai parameters the same as they had been for the past week, which is arguably less important than a fork of the entire system.

This is not the first time a whale has controlled voting power. A month ago, one voter was worth 97% of a vote that decreased the stability fee by around 5%.

Maker has portrayed confidence in the implementation of Multi-Collateral Dai, using words like “when it releases” rather than “if it releases.”

The Ethereum core developers don’t allow holders to vote because they believe that people most active in the community should determine the future of the network. MKR is difficult to get, at least in the U.S., so the learning curve to acquire it acts as a way to filter casual users out of the voting process for Dai.

Currently, Dai is only backed by Ethereum, but once Multi-Collateral Dai is implemented, Maker will be able to back it with coins such as BAT, REP and 0x. Christensen has even talked about collateralizing Dai with real world assets, but it doesn’t seem like they plan to do that anytime soon.

If the vote is passed, all holders of Dai and users in collateralized debt positions with Maker will have to manually convert their (now-called) Sai to (MCD) Dai. You can find out how to do that here.