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Highlights
- MakerDAO said it is launching two new tokens
- The two tokens are NewStable (NST) and NewGovToken (NGT)
- The protocol said NST and NGT will not replace MKR
MakerDAO has hinted at the launch of two new tokens dubbed NewStable (NST) and NewGovToken (NGT), marking the beginning of a major season in its evolution.
New MakerDAO Tokens Offer Flexibility
The big reveal of the NewStable and NewGovToken crypto is underway after which the tokens will be introduced into the ecosystem. According to Maker, NST is the codename for the upgraded version of Dai which is designed to push broader adoption. The token is also designed with enhanced stability features. The official name is yet to be unveiled.
NewGovToken, on the other hand, represents a refined approach to governance within the MakerDAO ecosystem. It is tailored to facilitate wider participation as well as more dynamic decision-making. Like NewStable, the official name of this token will also be shared through the brand reveal.
As the launch season approaches, MakerDAO is preparing to introduce two new tokens – NewStable and NewGovToken.
Explore the details below ↓ pic.twitter.com/twFAVkE1nZ
— Maker (@MakerDAO) May 3, 2024
Maker claims that holders of the tokens will have a seamless experience when they try to convert their tokens. For NewStable,
“Dai holders can seamlessly upgrade to NewStable, enjoying the flexibility to revert back to Dai as desired,” Maker said.
For NewGovToken (NGT), each Maker (MKR) can be converted into 24,000 NGT. Maker noted that the redenomination is directed at encouraging wider participation in governance activities. More users can hold a significant number of NewGovToken and actively influence the future of the ecosystem.
NST and NGR Tokens Will Not Replace Maker (MKR)
MakerDAO sees these additions as an expansion that will not replace the existing Dai (DAI) and Maker (MKR) tokens in the ecosystem. However, holders of these existing tokens will have the option to transition to NST and NGT. Due to the flexibility of the system, these users can choose to re-convert the holdings back to Dai.
In terms of functionalities, new and existing Dai users will have access to the NewStable token. Holders of NST are allowed to take part in farming to earn NGT right from launch. This farming will not be accessible to United States residents and those users who utilize VPNs. About 600 million NGT will be made available for distribution annually, only to participating NST holders through farming.
Meanwhile, MakerDAO is reportedly considering a substantial investment of $600 million in DAI into USDe and staked USDe (sUSDe) via Morpho Labs’ DeFi lending protocol. Notably, both these assets are products of Ethena Labs, a well-known stablecoin developer.
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