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Ex MakerDAO partner pledges $4.2m for DeFi research

Ex MakerDAO partner pledges $4.2m for DeFi research

Nikolai Mushegian, the former technical partner at blockchain project MakerDAO, donated 3,200 MKR to his alma mater, Carnegie Mellon University. The Pittsburgh-based university is also set to receive another 6,800 MKR over the next 1 to 3 years to research dapps and protocols for Web3, Mushegian said.

Carnegie Mellon University receives 3,200 MKR for Web3 and DeFi research

Many believe that the future of blockchain is to revolutionize the finance industry, which is why most of blockchain investments are focused on boosting DeFi development. Nikolai Mushegian, a former technical partner at the MakerDAO blockchain project, seems to share this opinion.

In a blog post on his website, Mushegian announced that he donated 3,200 of his MKR tokens to his alma mater, Carnegie Mellon University (CMU). Mushegian said he donated the money to the Pittsburgh-based university to enable the university to work on DeFi-specific protocols. He said in the blog post:

“The purpose of this donation is to establish a research program for decentralized applications/protocols and game-theoretic mechanisms.”

While the detailed agenda and a concrete plan of action most likely won’t be available until the end of January, Mushegian said that the main use for the funds will be to sponsor master and Ph.D. students working on “a few key areas of research,” such as algorithm design and game theory.

Mushegian plans on giving away almost $3 million more to CMU

Mushegian said that the main thing that led him to set up the fund was the increasing “rent-seeking behavior” from some of the industry’s biggest players.

He explained in the blog post, saying working on scaling and game theory are the key areas that can be improved:

“We risk this industry becoming monopolized by people who are better at filing patents than writing working code.”

He added that as universities are not easily bothered by corporations, it’s the perfect place for doing research that will benefit the public. It also doesn’t hurt that academia attracts some of the best contributors and researchers in the blockchain industry, he seemed to imply in the post.

The 3,200 MKR Mushegian paid out on Dec. 31, 2019, was just the first out many donations Carnegie Mellon University is set to receive. According to his website, Mushegian said that he has “informally committed” to donate another 6,800 MKR to the university. The $2.8 million donation won’t be a one-time payout like the Dec. 31 one, but will be spread out over the next one to three years, Mushegian said.

Posted In: , Adoption, DeFi
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Priyeshu Garg
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Priyeshu Garg

Analyst @ CryptoSlate

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in computer science engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.

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