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 upgraded version of the stablecoin Dai, with the codename NewStable (NST), is designed for wider adoption and has stronger stability features. The official name will be revealed in a future brand unveiling event. Both new users and existing Dai holders will be able to use NewStable. Dai holders can 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 participate in mining activities.
New Governance Token: NewGovToken
The new governance token with the codename NewGovToken (NGT) aims to encourage broader participation and more dynamic decision-making. The final name will also be announced in the brand unveiling event. MKR holders can choose to upgrade their tokens to NewGovToken, with each MKR convertible to 24,000 NGT. Similarly, the conversion back to MKR will also be seamless, allowing users to have flexibility in their usage.
Compared to MKR, MakerDAO aims to promote wider governance participation by expanding the total supply of NewGovToken. MakerDAO expects to increase 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, providing them with greater rewards for the success of the protocol and motivating them to participate in governance.
Previously, Rune Christensen released the roadmap for the Endgame plan in May last year, 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 tool release, governance participation reward program, and the final Endgame state, which involves deploying a new chain called NewChain (possibly built on Solana instead of Ethereum).
Christensen also previously announced that DAI and MKR would be rebranded to ensure more consistency between users and governance. DAI and MKR will be upgraded to NewStable (NST) and NewGovToken (NGT). In addition, MakerDAO is preparing to launch subDAO mining, with subDAO tokens being mineable with the new stablecoin next year.
Whether MakerDAO’s brand reshaping and ambitious Endgame plan will propel them to the next stage of growth remains to be seen.
As for the concept of establishing subDAOs, MakerDAO aims to avoid a complex single DAO by separating advanced functions and innovations into different SubDAOs. Ordinary NST holders can mine tokens from these SubDAOs for free, and these self-organizing communities can innovate, build, and distribute products on top of the core DAO, generating income and benefiting the entire ecosystem.