Institutional cryptocurrency custody provider Anchorage has launched an on-chain governance voting platform for MakerDAO’s Maker (MKR) token holders, in an attempt to increase voter turnout.
Announcing the news on Thursday, Anchorage said the voting platform, dubbed Anchorage Governance, will help its clients who hold MKR to participate in the upcoming Multi-Collateral Dai (MCD) vote on Nov. 15, as well as all subsequent executive votes.
The platform took “several months” to build and is for executive votes only and not polling, Diogo Monica, co-founder and president of Anchorage, told The Block.
With the platform, Anchorage’s clients, which include some big-name investment firms such as a16z, Polychain and Paradigm, can now participate in voting for governance decisions like adjustments to the Stability Fee, Daily Savings Rate, and portfolio collateral types.
“It’s important to the success of MakerDAO that Anchorage clients who hold MKR can vote easily and securely, and we look forward to increased asset holder participation as a result,” said Rune Christensen, founder of MakerDAO.
“It is our duty to participate in governance decisions that affect the DeFi [decentralized finance] ecosystem and digital credit markets,” added Kevin Yedid-Botton, principal at ParaFi Capital, which is Anchorage’s client and a Maker holder.
‘Significant’ MKR holdings
Anchorage said that its clients have “significant” Maker holdings, and therefore, it expects the governance voting platform to have a “meaningful” impact on future voter turnout.
However, The Block research analyst Matteo Leibowitz, recently noted that there is “no guaranteed correlation between high voter turnout and objectively correct decision making.”
To that, Monica told The Block: “We are agnostic on which way our clients vote on any given issue;” however, institutional investors are “strongly incentivized to make the best decisions for the health of the networks they invest in because they have so much at stake.”
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