MakerDAO co-founder Rune Christensen suggested that DeFi projects leverage a fork of the Solana codebase to build their proposed “NewChain.”
Back in May, MakerDAO announced an “Endgame” network update aimed at improving the protocol’s “efficiency, resilience, and participation” by creating a “strong governance balance.”
“NewChain” is an important part of the fifth and final phase of Endgame, in which the MakerDAO protocol will be completely rebuilt on its own new native layer-one blockchain.
Christensen described this final phase as a long-term project that will run for more than three years. However, to lighten the team’s workload, the MakerDAO co-founders believe they can explore forks of existing open-source blockchains rather than building a new protocol from scratch.
Christensen says Solana offers the most promising codebase
In the Sept. 1 governance proposal, Christensen started his case by describing the Solana stack as the most promising codebase.
The final phase of Endgame is the launch of a native blockchain codenamed NewChain for Maker
Will make the ecosystem more secure and efficient
After some research, I think the Solana codebase should be considered the foundation of NewChain https://t.co/KyGxBBGlVH
— Rune (@RuneKek) September 1, 2023
The MakerDAO chief said the Solana codebase offers impressive technical quality because it has been specifically enhanced to support the operation of a “single, efficient blockchain” such as the proposed NewChain.
Christensen said that the Solana code base was designed after mastering the common challenges and limitations of blockchain technology, providing NewChain with the capabilities needed to solve the technical debt of the MakerDAO protocol, in line with the core goals of the Endgame update.
Additionally, the Solana project has been remarkably resilient, having encountered multiple issues, most notably the collapse of the FTX exchange. Based on the project’s history, Christensen believes Solana will be around for a long time, meaning the NewChain project will have lower operating costs.
Additionally, the continued presence of Solana gives the MakerDAO Protochain access to a large pool of experienced and highly qualified developers.
Finally, Rune Christensen concluded his defense by emphasizing existing projects (called Liskchains) based on forks of the Solana codebase such as Pyth Network.
Why doesn’t MakerDAO consider EVM?
Following a longstanding relationship with the Ethereum network, Christensen’s proposal to use a fork of the Solana codebase to build the MakerDAO Protochain inevitably raised some questions.
When building something for the user, the EVM is still paramount, because the user is there. But it’s not ideal for specialized backends that cater to Maker’s specific needs, and solutions like Solana or Sei are better suited.
— Rune (@RuneKek) September 1, 2023
In response to a curious cryptocurrency enthusiast, Rune Christensen explained The reason for the move is that the Ethereum Virtual Machine (EVM) — Ethereum’s smart contract deployer — is not an ideal solution for building a backend for the MakerDAO project.
He did say, however, that the EVM remains the most important platform for user-facing products.
According to Endgame goals, NewChain will serve as the backend for the Maker protocol and its SubDAO, while all user-facing products and systems (such as MKR and DAI tokens) will remain on the Ethereum blockchain, second-layer solutions, or other main areas. on the blockchain network.
According to Rune Christensen’s proposal, there will be a two-level gravity bridge connecting the Ethereum and Solana ecosystems to the NewChain project.
MKR trading at $1,163.9 on the daily chart | Source: MKRUSD chart on Tradingview.com
Featured image via Chainanalysis, chart via Tradingview.
