Decentralized finance (DeFi) protocol MakerDAO proposed an optional revaluation plan for its governance token MKR and stablecoin DAI on Thursday (22nd). Each MKR can be converted into 24,000 NewGovToken (NGT); Each DAI can be converted into 1 NewStable (NST). This is part of its upcoming "Endgame" project.
MakerDAO pointed out that the purpose of MKR’s revaluation is to enable broader governance participation by allowing more users to hold large amounts of the new governance token NGT, thus democratizing the decision-making process. On the stablecoin front, MakerDAO said its ecosystem will eventually "explore ways to differentiate between Dai and NewStable," with Dai likely focusing on crypto-native use cases and NewStable likely targeting mass adoption.
Endgame introduces NewStable and NewGovToken, the upgraded versions of DAI and MKR. However, DAI and MKR will remain available. Both tokens are expected to stay unchanged for the foreseeable future, unless governance decides otherwise. You can continue to hold and use… pic.twitter.com/ucB6s8qsqF
— Maker (@MakerDAO) August 22, 2024
Existing Dai and MKR tokens will continue to operate, allowing users to choose between the original tokens and the new tokens according to their wishes. Users who converted to the new tokens can also revert to their original DAI and MKR, ensuring the MakerDAO ecosystem remains resilient. MakerDAO said the two new tokens are expected to remain unchanged for the foreseeable future unless governance decides otherwise.
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Related articles: "MakerDAO will launch the first phase of "Endgame" in the summer and launch two new tokens" "VCs such as a16z, Paradigm have sold out of MKR, the love and hatred between MakerDAO and VCs"
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