@samwilder

The recent AAVE split shows that MakerDAO’s decision three years ago was very foresighted. Back then, they planned to spin off many of their operations into independent subDAOs—not just decentralizing governance, but fully separating finances. Many thought it was self-destructive, but it has since prevented issues like AAVE’s conflicts of interest and unclear responsibilities. While AAVE struggles, MakerDAO and Spark are thriving. USDS+DAI issuance is about to surpass $10B, ranking third after USDT and USDC, far ahead of fourth-place USDe. Spark’s monthly protocol revenue has doubled year-over-year, and its lending volume ranks second only to AAVE. For long-term DeFi competitiveness, the main challenge is human nature: founders are often financially independent and can be complacent, while teams and communities still want growth. SubDAOs effectively separate ambitious, capable contributors, keeping the ecosystem dynamic. MakerDAO didn’t just incubate Spark—Spark helps sustain MakerDAO.

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