Maker will launch NewStable, allowing users to earn points through on-chain interactions and participate in airdrops. This article is sourced from Ash and compiled, translated, and written by DeepTide.
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Introduction
MakerDAO’s new stablecoin PureDai: What is it? Not pegged to USD, introduces floating prices, and possesses new governance tokens…
Background
MakerDAO: Upcoming launch of new stablecoin NST and governance token NGT, convertible with DAI and MKR…
Table of Contents
Quick Review of MakerDAO and $DAI
MakerDAO Endgame
a) Token Transformation
b) Other Developments
What You Can Do to Prepare for This
Conclusion
Statistical Data
Related Links
Despite current focus on memes and AI, we must not forget DeFi 1.0 tokens, particularly those with these features:
90% of tokens already in circulation, with few future unlocks.
Deep liquidity and robust governance structure.
Income generation mechanisms.
Let’s delve into @MakerDAO since October 2022 when @RuneKek proposed the Endgame initiative. This article explores how the Endgame plan reforms and enhances MakerDAO’s governance and token economics ecosystem.
Maker operates as a collateralized debt position (CDP) protocol and issuer of $DAI — by market cap, $DAI ranks as the third-largest stablecoin with a market cap of $5.1 billion.
Users mint $DAI by collateralizing assets like $BTC and $ETH (collateralization ratio at 150%, meaning $1 DAI is backed by $1.50 of BTC).
$MKR serves as the governance and utility token within the MakerDAO ecosystem. Holders can vote on key parameters such as stability fees and collateral types.
The Endgame plan aims to expand MakerDAO’s utility and address decentralization challenges post-MakerDAO Foundation dissolution.
The proposal outlines transformations for $DAI stablecoin and $MKR governance token and organizes MakerDAO into distinct sub DAOs, each with its tokens and governance structure.
i. NewStable Token
Both NewStable and PureDAI will succeed $DAI (migration to follow later).
NewStable focuses on mass-market adoption and compliant real-world asset (RWA) support.
This new token will take over $DAI’s RWA and Traditional Finance (TradFi) integration.
ii. PureDAI
PureDAI retains similar principles to $DAI but uses only decentralized collateral like $ETH and $stETH. It adopts decentralized oracles and lacks governance.
Once launched, PureDAI will not be permanently connected to Maker.
iii. NewGovToken
NewGovToken succeeds $MKR and continues association with MakerDAO; holders can upgrade to NewGovToken at a ratio of 1:24,000.
With Maker’s rebranding, new tokens will inject fresh utility.
i. Lockstake Engine (LSE)
This rewards users who long-term lock MKR and NewGovToken tokens and participate in governance.
Users locking MKR or NewGovToken can farm NewStable and upcoming sub DAO tokens.
Withdrawals of both tokens incur a 15% exit fee, burnt by the protocol and deducted from locked capital.
ii. NewBridge
This cross-chain bridge connects NewStable, NewGovToken, and other Maker ecosystem tokens from Ethereum mainnet to a major L2 (TBD).
Subsequent bridges to L2 and L1 will launch.
iii. SparkDAO
SparkDAO (token SPK) is Maker’s first sub DAO, focusing on innovative lending and DeFi products that scale market demands through MakerDAO’s economic strength.
Products include SparkLend (Aave fork) + capital deployment to RWA + perpetual swap yields.
Flywheel Effect: Users farm SPK tokens with NewStable and LSE; once obtained, users can farm SPK with NewGovToken.
iv. Infrastructure Updates
MakerDAO will expand its architecture through a multi-chain extension, launching six additional sub DAOs extending to other L2 and L1 chains, including Solana.
It will also launch its independent L1 (NewChain), hosting MakerDAO’s core tokens and governance mechanisms.
More
In-depth articles
Please refer to.
In August 2024, Maker will launch NewStable, allowing users to earn points through on-chain interactions and participate in airdrops:
Connect your on-chain wallet to NewStable’s interface.
Participate in their activities.
Deposit $DAI to earn NewStable. *Note: Users can also convert $MKR to NewGovToken; $MKR functionalities will gradually migrate to NewGovToken.
It’s encouraging to see established DeFi projects not stagnate but continually improve, keeping pace with the latest trends.
While these upgrades introduce new tokens and structures, we hope the team simplifies processes for smoother user transitions. We look forward to their development and the reassessment of $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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