2024-3-13 10:39 |
MakerDAO, the issuer of the DAI stablecoin, is targeting a new growth phase with its “Endgame” transformation.
The DeFi protocol’s co-founder Rune Christensen shared the next steps for the MakerDAO’s five-phase plan via the protocol’s official governance forum channel.
“Endgame is a fundamental transformation of MakerDAO that improves growth, resilience and accessibility, with the aim of scaling the Dai supply to 100 billion and beyond,” Christensen noted.
A new look for MakerDAO ecosystemThe Endgame plan got the governance nod in a vote taken in August 2022, with the targeted transformation now ready for takeoff in this “launch season.”
Apart from scaling the Dai stablecoin to 100 billion, MakerDAO will also look for traction via two new tokens. NewStable and NewGovToken are the new tokens’ tentative titles that will change in due course.
According to Christensen, the protocol’s ecosystem will still feature the Dai and Maker (MKR) tokens. However, users will need to upgrade to the new NewStable and NewGovToken tokens to access the new features expected with the rebranding.
In the long term, Dai and NewStable will be differentiated to have Dai focused on crypto-native use cases and NewStable on mass adoption.
Also notable as the launch approaches is that NewStable holders will have a chance to farm NewGovToken. The annual yield farming rate is set at 600 million NewGovToken, which will be distributed to the new token holders. US residents and VPN users will not access the farming
Meanwhile, users will be able to convert MKR to NewGovToken or vice versa. Accordingly, 1 MKR will upgrade to 24,000 NewGovToken.
Other key features in Endgame launchMakerDAO also targets other features as part of the Endgame launch. The Lockstake Engine will support long term staking of MKR and NewGovToken, while a NewBridge will connect new tokens and other Maker ecosystem tokens via a major L2.
Spark, a Maker SubDAO, will also launch, with a focus on lending and DeFi products that meet market demand. Spark will feature Real World Assets (RWAs), crypto perpetual swap markets and the SPK token will be available to yield farm by NewStable users both on Ethereum mainnet and a major L2. Yield among others.
Phase 2 of Endgame will look to scale the key launches in phase 1, while Phase 3 will see creation of a new stand-alone L1 blockchain (NewChain).
“NewChain is an extension of the existing Maker ecosystem, and the launch of NewChain does not mean that Maker is leaving Ethereum. All of the user-facing products that exist on Ethereum today will remain, and more will be launched,” the MakerDAO co-founder added.
The post MakerDAO founder announces ‘Endgame’ launch with two new tokens appeared first on Invezz
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