🔥🔥🔥 #makerdao Rolls Out $MKR And DAI Token Upgrade, But There's A Catch

MakerDAO has announced an upgrade to its DAI and MKR tokens with the introduction of two new assets: NewStable and NewGovToken. This move is part of MakerDAO's Endgame plan aimed at enhancing governance and tokenomics within the protocol.

Introduction of NewAssets

On August 22, MakerDAO revealed the launch of NewStable and NewGovToken, which will function alongside the existing DAI and MKR tokens. According to the update posted on X (formerly Twitter), DAI and MKR will continue to be usable unless future governance changes dictate otherwise.

"Endgame introduces NewStable and NewGovToken as upgraded versions of DAI and MKR. DAI and MKR will remain in use for the time being. Both tokens are expected to stay the same unless governance decides otherwise. You can continue to hold and use both tokens as before."

DAI holders will have the option to convert their tokens to NewStable at a 1:1 ratio, with NewStable aimed at broader adoption and DAI focusing on crypto-specific use cases.

Meanwhile, NewGovToken will replace MKR for governance voting, with a conversion rate of 1 MKR to 24,000 NGT. This change is intended to boost community participation by allowing more users to hold the governance token and influence decisions. As of now, MKR is priced at $2,033, marking a 2% increase in the past 24 hours.

The Endgame Plan

MakerDAO's Endgame plan is designed to enhance market efficiency and resilience. The initial proposal includes a comprehensive overhaul of governance and tokenomics, featuring components like Maker Atlas and SubDAO.

The plan aims to:

- Scale the Maker Ecosystem in a decentralized manner.

- Align incentives for all ecosystem participants, fostering positive community culture and engagement.

- Reduce governance overhead for MKR holders and Maker delegates.

Overall, the Endgame plan is praised for its potential to make MakerDAO more robust against external risks and improve overall efficiency.

Source - coingape.com