MakerDAO, a Decentralized Finance (DeFi) stablecoin platform, has introduced two new tokens, NewGovToken (NGT) and NewStable (NST), as part of its ambitious “Endgame Plan.” According to a post, these new tokens enhance governance participation within the MakerDAO ecosystem.
NGT, the new governance token, is designed to encourage greater involvement in the platform’s decision-making process. To acquire NGT, users can convert their MKR tokens at a conversion ratio of one MKR to 24,000 NGT. MakerDAO hopes that by offering more governance tokens, voter participation, and community engagement will increase, which is crucial for the platform’s future development and direction.
MKR and DAI Still Remains Active
Alongside NGT, MakerDAO has also launched NewStable (NST), a stablecoin pegged 1:1 to DAI, the platform’s original decentralized stablecoin. NST is expected to function similarly to DAI, offering users a stable digital currency tied to the U.S. dollar’s value. This stablecoin will add more options within the MakerDAO ecosystem while maintaining stability for users engaged in various DeFi activities.
Importantly, despite the introduction of NGT and NST, the original MKR and DAI tokens will remain active and continue to play a critical role in MakerDAO’s operations. Unless the community decides otherwise through governance, MKR and DAI are expected to remain unchanged for the foreseeable future. This ensures continuity for current users while allowing the ecosystem to grow with the new tokens.
MakerDAO Earning Report Showed Slipped Revenue
Recall that MakerDAO’s earnings reports in 2023 showed that the firm’s earnings and revenue plummeted significantly from the previous year, filled with chaos and unfavorable market conditions. It seemed like the aftermath of the harsh crypto market was pushed into the new year.
Despite these challenges, the protocol pioneered groundbreaking new exposures to Real-World Assets (RWA), setting the stage for further diversification of Dai collateral types. “We believe this activity is essential to ongoing efforts to diversify the collateral backing and sustainability of Dai,” MakerDAO said in a statement.
Grayscale Investments Unveils MakerDAO Trust
Some days ago, grayscale Investments, a well-known digital asset management firm, introduced the Grayscale MakerDAO Trust to the public. As reported by TheCoinRise, this Trust will allow investors to invest in MKR, the token used for utility and governance on the MakerDAO platform.
Interestingly, the Grayscale MakerDAO Trust lets investors access several digital assets and Decentralized Finance protocols within the MakerDAO ecosystem. Through the MKR token, investors can partake in an on-chain credit protocol, use stablecoins, and engage with real-world assets.
Likewise, this Trust will help accredited investors, both individuals and institutions, easily add MKR to their investment portfolio.
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