Rune Christensen Wiki (Net Worth, Crypto, Background, And More)

Rune Christensen.
Courtesy of CoinDesk.com.

 

Who Is Rune Christensen?

Rune Christensen is a Danish DeFi (decentralized finance) and cryptocurrency figure who is most known as the founder of Decentralized Autonomous Organization MakerDAO. MakerDAO maintains and regulates Dai – a stablecoin built on the Ethereum blockchain.

Christensen is also the CEO of the Maker Foundation, which built and launched MakerDAO.

 

Rune Christensen Bio And Background

According to his LinkedIn page, Rune Christensen studied International Business at Copenhagen Business School (2011 – 2013) and Biochemistry at Københavns Universitet (2013 – 2014).

According to Forbes, Christensen moved to China at the age of 18. His wife is Chinese, and he also speaks Chinese. Christensen told Forbes:

I actually have a very close personal relationship with China, specifically.

In July 2011, Christensen founded Try China – a company providing international recruiting. According to Forbes, Christensen established Try China to bring English teachers to China.

Christensen left Try China in July 2014 and went on to found MakerDAO in March 2015.

According to Cointelegraph, Christensen found out about Bitcoin in 2011. He eventually sold his business to invest in Bitcoin.

Cointelegraph adds that Christensen became interested in the idea of stablecoins after the hack and bankruptcy of the Tokyo-based Mt. Gox cryptocurrency exchange.

CoinDesk characterizes Christensen as follows:

Christensen is not a person who smiles often or leans forward when he’s talking, yet he is easy to talk to, maybe because he’s happy to take the lead and doesn’t expect to share much of the air time. He’s at his best in an informal context. The office is not a place where he spends a ton of time any more. Maker has always been driven by remote workers and offices aren’t really in his habit. Christensen believes that when the foundation is running well, it barely needs him and he’s happy to stay away.

. . .

Over the years, Christensen has maintained his authority without exactly trying (like Vitalik Buterin, he holds outsized sway without ordering people around). He can drive people on or turn people away, but he has achieved consensus mostly through argument and process, rather than by dictating terms . . .

CoinDesk adds that for all his accomplishments, Christensen is “strangely ambivalent towards the project he’s led.” Christensen apparently has backed away on a number of occasions and looks forward to the day when he can leave.

Christensen told CoinDesk that he “really wanted to be a neuroscientist” and wanted to study subjects connected with natural science and biology.

 

Rune Christensen’s MakerDAO Platform

The homepage of MakerDAO.
Courtesy of MakerDAO.com.

 

Rune Christensen’s LinkedIn page states that MakerDAO was founded in 2015.

According to Forbes, MakerDAO allows users to use volatile cryptocurrency as collateral for loans of Dai.

MakerDAO is built on the Multi-Collateral Dai (MCD) system, according to the platform’s whitepaper.

The Maker Protocol, also known as the Multi-Collateral Dai (MCD) system, allows users to generate Dai by leveraging collateral assets approved by “Maker Governance.” Maker Governance is the community organized and operated process of managing the various aspects of the Maker Protocol. Dai is a decentralized, unbiased, collateral-backed cryptocurrency soft-pegged to the US Dollar. Resistant to hyperinflation due to its low volatility, Dai offers economic freedom and opportunity to anyone, anywhere.

Originally, the MakerDAO system only accepted Ethereum (ETH) as collateral. Due to this, Dai used to be called Single-Collateral Dai (SCD), or Sai.

In November 2019, MCD was introduced to allow the system to accept any Ethereum-based asset that has been approved by holders of MKR (the platform’s governance token).

The whitepaper gives the following description of Dai:

The Dai stablecoin is a decentralized, unbiased, collateral-backed cryptocurrency soft-pegged to the US Dollar. Dai is held in cryptocurrency wallets or within platforms, and is supported on Ethereum and other popular blockchains.

The whitepaper adds that Dai is generated and put into circulation by users via the deposit of collateral assets into Maker Vaults within the Maker Protocol. Dai may then be purchased from exchanges or brokers, as well as received as payment.

Dai may be used in the same manner as other cryptocurrencies – it may be used for payments, sent to others, or held as savings through the Dai Savings Rate (DSR) feature.

Every Dai in circulation is directly backed by excess collateral, meaning that the value of the collateral is higher than the value of the Dai debt, and all Dai transactions are publicly viewable on the Ethereum blockchain.

Dai is kept stable as follows:

Dai is generated, backed, and kept stable through collateral assets that are deposited into Maker Vaults on the Maker Protocol. A collateral asset is a digital asset that MKR holders have voted to accept into the Protocol.

CoinDesk writes:

MakerDAO isn’t just a maintainer of a stable-currency. It’s also a bank built out of smart contracts, but a bank without a legal domicile or identity, owned only loosely by the many holders of the MKR token that govern it.

On March 12, 2020 – a day dubbed “Black Thursday”MakerDAO lost 6.65 million Dai (about $6.65 million), according to Cointelegraph. On this day, ETH declined by about 50% in 24 hours, “triggering opportunistic profiteering as the Maker system became swamped with a huge volume of liquidations.”

This forced MakerDAO to start considering major changes and additions to its auction parameters and governance, including:

  1. Ability for MakerDAO governance to instantly halt the auction system and liquidations.
  2. Changes to auction parameters to improve performance.
  3. Addition of USDC as new collateral to add Dai liquidity.

On April 2, 2020, Christensen announced that the Maker Foundation was planning to dissolve in order to accelerate MakerDAO’s decentralization, as well as make Maker self-sustainable and provide it with a “new generation of core governance and independent contributors.”

In the summer of 2020, Maker rapidly recovered from its march losses, Cointelegraph writes:

As the “summer of DeFi” began to heat up, Maker rapidly recovered from its March losses and made history in July as the first-ever DeFi protocol to reach $1 billion in total value locked. Meanwhile, Dai also saw massive growth. In the third quarter alone, its total supply increased by 623%. In fact, there was so much Dai being minted and locked into yield farming protocols that it at times had difficulty maintaining its one-to-one peg with the U.S. dollar.

In May, 2021, the Maker Foundation returned the 84,000 MKR (approximately $480 million at the time, according to Decrypt) development fund holdings to MakerDAO.

On May 13, 2021, Maker announced that the dissolution of the Maker Foundation was targeted for December 31, 2021, at the latest.

 

Rune Christensen Net Worth

There was no confirmed information about Rune Christensen’s net worth online as of the time of this writing. However, MakerDAO’s all-time high market cap is well into the billions of dollars range, and it has consistently been among the largest 50 digital assets by market cap, as per CoinGecko.com.

 

Online Presence And Publicity

Rune Christensen is present on Twitter and LinkedIn. MakerDAO has a YouTube channel as well.

Christensen has been featured on the YouTube channels of the Ethereum Foundation and Bloomberg Markets and Finance.

Cointelegraph featured Christensen in its list of 100 notable people in blockchain in 2021 alongside Changpeng Zhao, Gavin Wood, Jesse Powell, Hayden Adams, Sergey Nazarov, the Winklevoss twins, and Andre Cronje.

 

 

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