9 Oct, 2019

MakerDAO CTO Has Resigned Due to Internal Conflicts With Other Executives

MakerDAO team seems to be going through internal conflicts, and as a result of those conflicts company’s CTO has resigned. This was revealed by the outgoing CTO himself in an open letter.

It looks like all is not well at MakerDAO, the company behind two of the most interesting new tokens out in cryptocurrency market. Company’s Chief Technology Officer (CTO) Andy Milenius has resigned from his position, citing internal conflicts in an open letter published recently. In the letter he has said that there’s an ongoing conflict between him and his fellow executives over the ideas of equal workspace and democratization vs. traditional corporate efficiency.

MakerDAO, in case you don’t know, is the company behind DAI stablecoin and decentralized governance token Maker (MKR). And according to the letter of Milenius, company’s CEO Rune Christensen at one point tried to take over the control of MakerDAO, thus causing a disturbance between the core developers of the project who were operating from a separate company called DappHub. The letter also explains how at one point Milenius had warned Christensen of leaving the company if Matt Richards, at that time the President and Chief Operating Officer (COO) of MakerDAO, didn’t leave. This seems to have resulted in Richards’ departure, as he too is no longer the COO of MakerDAO.

Richards also published his own account of things on Reddit in a separate thread on 27th of April, where he said:

“It was not enough for Andy to reinvent the financial system. He also had to reinvent the way that work gets done (he didn’t know how it needed to be different, only that it did).” According to Andy, no amount of accountability was acceptable, the efficiency that came with explicit hierarchy did not outweigh how uncool or unfair it was.”

Richards also alleged in his post that the interests of MKR token holders were of little importance to Andy. Concluding his remarks he said:

“I am hopeful about the future of this project and believe it will likely be better off without Andy.”

As far as things are concerned for the two tokens of this company, we’re seeing sort of a mixed bag. DAI has in the recent days struggled to maintain its dollar-peg, much like Tether had struggled at one point in recent past. However, the community is highly optimistic of its success, and the MKR token has recently outperformed all other cryptos by surging more than 35% in the month of Feb. Most recently it also got listed on Coinbase Pro, which will add to its liquidity and strength as a governance token in the market.