MakerDAO, the decentralized autonomous organization behind the Dai DAI
+0.062%
stablecoin, proposed an optional redenomination of its MKR
+5.01%
governance token, converting each MKR into 24,000 NewGovToken (NGT) tokens. This is part of its strategic endgame plan, which is expected to launch in the coming months.
MakerDAO noted that the redenomination aims to enable broader participation in the platform's governance by allowing more users to hold significant amounts of the new governance token, NGT, thereby democratizing the decision-making process.
Alongside the introduction of NGT, MakerDAO will be rolling out a new stablecoin, NewStable (NST), pegged 1:1 with Dai. The existing Dai and MKR tokens will remain active, allowing users to choose between the original tokens and their new counterparts.
"Both tokens are expected to stay unchanged for the foreseeable future, unless governance decides otherwise," MakerDAO noted.
The proposal emphasizes user choice, stating that upgrading to NewStable and NewGovToken is optional. Users who decide to transition to the new tokens can revert to the original Dai and MKR if they choose, ensuring that the MakerDAO ecosystem remains flexible.
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