MakerDAO introduces NewStable and NewGovToken, the upgraded versions of DAI and MKR.
MKR has soared by 3.64% to $2,098, over the past 24 hours.
MakerDAO, a decentralized finance (DeFi) platform, has announced the launch of new versions of its native tokens, DAI and MKR, as part of its ongoing endgame plan. The new tokens, named NewStable (NST) and NewGovToken (NGT), were introduced to enhance governance and functionality within the MakerDAO ecosystem.
According to the official announcement, upgrading to the new tokens is optional. DAI and MKR will not be outmodedâit will remain unchanged unless any changes are announced by the protocolâs governance.
MakerDAO stated:Â
âBoth tokens are expected to stay unchanged for the foreseeable future, unless governance decides otherwise.â
The new token, NewStable, will replace DAI in new transactions while maintaining the exchange rate at 1 Dai = 1 NewStable. DAI might focus on the use cases of crypto, while NewStable will focus on large-scale adoption.Â
On the other hand, MKR will continue to be used for voting on the Governance Scheme. The NewGovToken also be used for voting and can be converted back to MKR to ensure flexibility. The initial conversion rate of 1 MKR = 24,000 NewGovToken, aims to increase accessibility.Â
The Endgame PlanÂ
MakerDAOâs Endgame proposal is to overhaul and improve the governance and tokenomics of the Maker Ecosystem consisting of Maker Atlas, SubDAO, Scopes and Scope Artifacts, and more. It leads to a resilient and stable state where the ecosystem is self-sustainable, with minimal changes to its core components.Â
It further ensures that the Maker Ecosystem can scale in a decentralized manner. Also, aims to reduce governance overhead for MKR holders and Maker delegates, and to lessen the MKR concentration through revised tokenomics and MKR emissions.
Followed by this, the token of Maker, MKR has soared by 3.64% to $2,098. The tokenâs daily trading volume has spiked to 3.37%, reaching $72.77 million, and MKRâs market cap stays at $1.95 billion.Â
Recently, a crypto whale suffered a loss, with approximately $55.4 million worth of DAI stablecoin stolen in a phishing attack. Reportedly, the attacker has used a phishing tool named Inferno Drainer to gain access to the victimâs externally owned account (EOA).
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