#crypto2023 #cryptonews #Binance #dyor #DeFi
In a recent proposal put forth on the official MakerDAO forum, Rune Christensen, the founder of MakerDAO, has outlined plans to introduce new versions of the DAI stablecoin and MKR governance token. These proposed tokens aim to enhance the existing functionalities while incorporating new properties as part of the broader decentralized finance (DeFi) protocol renewal.
Under Christensen's ambitious plan called "Endgame," which was approved by the MakerDAO community in October last year, the implementation of these new tokens and the integration of artificial intelligence (AI) processes are set to drive the development of DAI-focused applications and use cases.
The new tokens for MakerDAO are part of the initial phase of the five-stage Endgame plan. The new DAI will be an improved wrapped version of the existing stablecoin, while the new Maker token will introduce incentives for protocols that integrate the digital currency within their operational dynamics and services.
The new Maker token is expected to have a higher supply than the original MKR, with an exchange rate of 1,200:1. Holders of this token will have access to AI-assisted governance tools, streamlining and automating certain voting and proposal processes.
It's worth noting that the old DAI and MKR tokens will continue to circulate and function in the same way. A mechanism will be put in place to allow interested parties to transition to the new assets without any commission fees.
Christensen emphasized that both the new and old tokens can also be used in Yield Farming systems to generate profits. However, he clarified that users residing in the United States or utilizing VPN services would not be eligible to participate in these yield programs.
The proposal for the new tokens aligns with the broader efforts to renew and fortify MakerDAO's DeFi ecosystem. In recent weeks, the MakerDAO community has been actively voting on various proposals. In late April, MKR token holders approved the creation of a new vault in Coinbase Custody, allocating $500 million to derive an annual yield of 2.6%.
Prior to this, in March, the MakerDAO community approved an investment of $750 million in U.S. Treasury bonds for a six-month period. This move aimed to diversify the asset backing and take advantage of what many considered a favorable opportunity.
These and other community-driven measures were proposed to ensure that the DAI stablecoin maintains its peg to the U.S. dollar by utilizing a wide variety of both crypto and real-world assets as collateral.
Closing his remarks on Endgame, Christensen stated that the short-term goal is to become the largest and most widely used stablecoin project within the next three years.
As MakerDAO ventures into this next phase with enhanced tokens and a strategic plan, the DeFi community awaits the impact these developments will have on the broader ecosystem and the adoption of DAI and MKR in various financial applications.
