Author: Nancy, PANews
The veteran DeFi protocol MakerDAO is accelerating the implementation of its endgame plan "Endgame". Shortly after announcing the launch of the new stablecoin NewStable (NST) and the new governance token NewGovToken (NGT), MakerDAO announced today that it will soon launch its first SubDAO Spark and its native token SPK.
The first SubDAO will be launched soon, adopting a community governance mechanism
As an important transformation of MakerDAO, Endgame aims to expand the supply of DAI to 100 billion or more by improving efficiency, flexibility and accessibility. In order to create a more fair, transparent and effective governance system, MakerDAO introduced the popular new DAO governance model subDAO, and set specific applications or responsibilities for each subDAO.
As the first subDAO of MakerDAO, SparkDAO is built around the lending protocol Spark. According to the official introduction, Spark's main products include SparkLend and Cash & Savings. The former allows users to borrow DAI on a large scale using highly liquid assets, while the latter provides products similar to on-chain banks, combining the functions of cash and savings accounts with the Dai Savings Rate (DSR), and supporting assets including DAI, USDT and USDC. DefiLlama data shows that as of May 15, Spark Protocol's TVL has reached nearly US$2.19 billion, making it the fourth largest lending protocol, accounting for 7.3% of the lending market.
Officials revealed that SparkDAO will also launch its own native token SPK and a variety of SPK token mining plans. The total number of SPK tokens is 4 billion, which is planned to be distributed within 10 years. In the first two years, 1 billion tokens will be distributed each year, and the distribution rate will be halved every two years. Users of the new token NewStable and the staking protocol Lockstake Engine will receive 70% (700 million) and 30% (300 million) of SPK tokens respectively.
Once SparkDAO is launched, its token SPK can be mined through liquidity mining. SPK token holders will have the opportunity to immediately mine NewGovToken (NGT) and thus participate in the governance of the MakerDAO ecosystem. According to official estimates, liquidity mining will be carried out at a rate of 80 million NGT per year. Currently, MakerDAO has launched a pre-mining activity for SPK tokens on SparkLend for users, and the mined tokens will be distributed when SparkDAO is launched.
In addition, SparkDAO advocates a community-driven governance mechanism supported by SPK token voting, and will be launched in a gradual manner, initially allowing token holders to guide community marketing, etc. Over time, all aspects of SparkDAO governance will be fully autonomous and seamlessly integrated into the Maker SubDAO ecosystem.
According to MakerDAO, the protocol plans to launch six SubDAOs in the second phase of Endgame. Each SubDAO will cater to different market segments and community interests, such as SubDAOs focusing on RWA or games. The implementation of SubDAO governance will be supplemented by effective user interfaces and AI-driven tools to assist and simplify governance decisions.
The first phase of Endgame is planned to be launched this summer, with multiple features released one after another
As a "veteran" in the DeFi field with a TVL of over $5 billion, MakerDAO, which has been developing for many years, has long been in a dominant position. Maker Burn data shows that as of May 15, the total supply of DAI has risen to 5.45 billion, an increase of more than 850 million in the past two months alone, setting a new high since October last year. At the same time, Maker's annualized profit reached $65.405 million, annualized fee income was $330 million, and the PE estimate was 38.35.
According to a MakerDAO study published in April by Ryan Watkins, co-founder of Syncracy Capital, MakerDAO has accounted for nearly 40% of DeFi profits on Ethereum in the past six months, and the secret of its success is the stablecoin DAI with a monetary premium. At the same time, the report also pointed out that although Maker's annual revenue exceeds all crypto projects except Ethereum, Tron and Solana, and its price-to-earnings ratio has been suppressed, the launch of "Endgame" may reverse this situation or bring Maker billions of dollars in fee opportunities and a $40 billion project valuation.
The Endgame reform plan has also made new progress this year. In March 2024, Rune Christensen, founder of MakerDAO, officially announced that the first phase of Endgame, the "Launch Season", will be launched this summer, and will gradually launch new tokens, SubDAO, NewBridge, and Lockstake Engine, thereby achieving exponential growth in the use of DAI.
At present, in addition to the above-mentioned subDAO, MakerDAO also announced not long ago that it will launch two new tokens, NewStable and NewGovToken, to replace DAI and MKR. NewStable will be an upgraded token of DAI, designed for wider adoption and with enhanced stability functions; NewGovToken represents a complete governance method within the ecosystem. Each MKR will be converted into 24,000 NGTs, aiming to encourage wider participation and more dynamic decision-making. The final names of the two will be shared through brand unveiling.
In short, with the continuous advancement of Endgame, MakerDAO's large-scale restructuring battle has slowly begun.
