Maker will launch NewStable, where users can earn points and have the chance to receive airdrops through on-chain interactions. This article is sourced from Ash, and was compiled, translated, and written by DeepTech.
Tweet, organized, translated, and written by DeepTech.
(Previous Summary: What is MakerDAO’s new stablecoin PureDai? Not pegged to the US dollar, introduces floating prices, and has a new governance token..)
(Background Supplement: MakerDAO: Upcoming launch of new stablecoin NST and governance token NGT, interchangeable with DAI and MKR.)
Table of Contents
Quick Review of MakerDAO and $DAI
MakerDAO Endgame
a) Token Transformation
b) Other Developments
What Can You Do to Prepare for This?
Conclusion
Statistics
Related Links
While most people are currently focused on memes and AI, we must not forget about DeFi 1.0 tokens, especially those that have the following characteristics:
90% of the tokens have already been circulated, with very little future unlock.
They have deep liquidity and a well-developed governance structure.
They have income-generating mechanisms.
Let’s take a look at MakerDAO since Rune Kek proposed the Endgame proposal in October 2022. In this article, we will explore how the Endgame plan reforms and improves the governance and token economics of the MakerDAO ecosystem.
Maker is a collateralized debt position (CDP) protocol and the issuer of $DAI, which is the third-largest stablecoin with a market value of $5.1 billion. Users can mint $DAI by using $BTC and $ETH as collateral (with a collateralization ratio of 150%, meaning every $1 DAI is backed by $1.50 worth of BTC). $MKR is the governance and utility token of the MakerDAO ecosystem, and holders can vote on key parameters such as stability fees and collateral types.
The Endgame plan aims to expand the utility of MakerDAO and address some of the challenges the protocol faces in decentralization after the dissolution of the MakerDAO Foundation. In the proposal, the plan transforms the $DAI stablecoin and $MKR governance token and organizes MakerDAO into different subDAOs, each with its own token and governance structure.
i. NewStable Token
NewStable and PureDAI will both be successors to $DAI (migration to be conducted later). NewStable will focus on the adoption and compliance of real-world assets (RWA) in the mass market. This new token will take over $DAI’s RWA integration with traditional finance (TradFi).
ii. PureDAI
PureDAI maintains a similar concept to $DAI but will only utilize decentralized collateral such as $ETH and $stETH. It will adopt a decentralized oracle and have no governance. Once launched, PureDAI will not have a permanent connection to Maker.
iii. NewGovToken
NewGovToken will be the successor to $MKR and will continue to be associated with MakerDAO. Holders can upgrade to NewGovToken at a ratio of 1:24,000. With the rebranding of Maker, the new token will inject new utility.
i. Lockstake Engine (LSE)
This is a system that rewards users for long-term locking of MKR and NewGovToken tokens and participation in governance. Users who lock MKR or NewGovToken can participate in yield farming for NewStable and upcoming subDAO tokens. Withdrawing either token will incur a 15% exit fee, which will be burned by the protocol and deducted from the locked principal.
ii. NewBridge
This cross-chain bridge connects NewStable, NewGovToken, and other Maker ecosystem tokens from the Ethereum mainnet to a major L2 (to be determined). More cross-chain bridges will be launched for L2 and L1 in the future.
iii. SparkDAO
SparkDAO (token SPK) is the first Maker subDAO that focuses on providing innovative lending and DeFi products that meet market demand at scale through MakerDAO’s economic strength. The products include SparkLend (Aave fork) + capital deployment into RWA + perpetual swap yield. Users can farm SPK tokens with NewStable and LSE, and once they acquire SPK, they can use it to earn rewards with NewGovToken.
iv. Infrastructure Updates
MakerDAO will expand its architecture through a multi-chain extension package and launch six additional subDAOs that will extend to other L2 and L1, including Solana. It will also launch its independent L1 called NewChain, which will host MakerDAO’s core tokens and governance mechanism.
More in-depth articles can be found at the provided links.
In August 2024, Maker will launch NewStable, where users can earn points and have the chance to receive airdrops through on-chain interactions:
Connect your on-chain wallet to the NewStable interface.
Participate in their activities.
Deposit $DAI to earn NewStable. *Note: Users can also convert $MKR to NewGovToken, and the functionality of $MKR will gradually transition to NewGovToken.
It’s great to see that established DeFi projects are continuously improving and keeping up with the latest trends instead of stagnating. Although these upgrades introduce new tokens and different structures, we hope the team can simplify the process to ensure a smoother transition for users. We look forward to their development and hope for a reevaluation of the $MKR token.
CoinGecko:
https://coingecko.com/en/coins/maker
DeFiLlama:
https://defillama.com/protocol/maker
Token Terminal:
https://tokenterminal.com/terminal/projects/makerdao
Twitter:
https://x.com/MakerDAO
Website:
https://makerdao.com
Documentation:
https://docs.makerdao.com
Endgame Documentation:
https://endgame.makerdao.com/endgame/overview
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