In September last year, Rune Christensen, the founder of MakerDAO, announced that a new brand name would be launched in 2024, along with the issuance of new stablecoins and governance tokens. Today, MakerDAO officially announced that these two new tokens will soon be launched.
New Stablecoin: NewStable:Dai
The new stablecoin, codenamed NewStable (NST), is an upgraded version of Dai designed for wider adoption and enhanced stability. The official name will be revealed at a later brand unveiling event. Both new users and existing Dai holders can use NewStable, and Dai holders will be able to seamlessly upgrade to NewStable and convert back to Dai as needed.
Key features include:
– NST holders can engage in liquidity mining activities and mine the new governance token, NGT, from the day of its release.
– 6 billion NGT will be distributed annually to participating NST holders through liquidity mining.
– U.S. residents or users using VPN will not be able to engage in mining activities.
New Governance Token: NewGovToken
The new governance token, codenamed NewGovToken (NGT), aims to encourage broader participation and more dynamic decision-making. The final name will also be announced at the brand unveiling event. MKR holders can choose to upgrade their tokens to NewGovToken, with each MKR convertible to 24,000 NGT. Similarly, they can seamlessly convert back to MKR, allowing users to have flexibility in their usage.
Compared to MKR, MakerDAO aims to increase the total supply of NewGovToken and have more users hold NewGovToken to promote wider governance participation. MakerDAO expects to enhance community engagement by introducing new liquidity mining products and the Lockstake engine in the new ecosystem.
The Lockstake engine encourages long-term governance participation, allowing MKR and NGT holders to lock their tokens for long-term commitments, thereby providing them with more incentives and rewards for the success of the protocol.
Previously, in May last year, Rune Christensen released the roadmap for the Endgame plan, aiming to improve efficiency, flexibility, and participation. The short-term goal is to make MakerDAO the largest and most widely used stablecoin project within 3 years. The roadmap consists of five stages: Beta Release, SubDAO Launch, Governance AI Tools Release, Governance Participation Rewards Program, and the final Endgame state, which involves deploying a new chain, NewChain (possibly built on Solana rather than the current Ethereum).
Christensen also previously announced that DAI and MKR would be upgraded to a unified brand for greater consistency between users and governance, with DAI and MKR becoming NewStable (NST) and NewGovToken (NGT). In addition, MakerDAO is preparing to launch subDAO mining, with subDAO tokens available for mining using the new stablecoin next year.
As for the concept of building subDAOs, MakerDAO aims to avoid a complex single DAO by separating advanced features and innovations into different subDAOs. Ordinary NST holders can mine these subDAO tokens for free, and these self-organized communities can innovate, build, and distribute products on top of the core DAO, generating income and benefiting the entire ecosystem.
We look forward to seeing how MakerDAO’s brand transformation and ambitious Endgame plan will propel them into the next stage of growth.