MakerDAO, the decentralized platform behind the Dai stablecoin, has proposed a significant update to its MKR governance token. Under this proposal, each MKR token will be converted into 24,000 NewGovTokens (NGT).
This change is part of MakerDAO’s Endgame plan, which aims to enhance governance and community engagement. Users will have the choice to adopt the new NGT or retain their existing MKR tokens, making the transition optional.
The introduction of NGT is designed to improve community participation in governance by increasing the number of tokens available for use. MakerDAO believes that by making governance more accessible through a greater number of tokens, it will foster more democratic decision-making within its ecosystem. This update aligns with the Endgame plan’s goal of enhancing community involvement in the platform’s operations.
MakerDAO Proposes MKR to NGT Conversion in Endgame Plan, Introduces New Stablecoin MST
In addition to the governance token upgrade, MakerDAO is set to launch a new stablecoin called NewStable (MST). MST will be pegged to the US dollar, similar to Dai, but aims to provide additional options for users. Despite the introduction of MST and NGT, Dai and MKR will remain available, giving users the flexibility to choose between the new and existing tokens based on their preferences.
To clearly differentiate between Dai and NewStable, MakerDAO will implement specific measures. While Dai is expected to continue serving as a utility token within the crypto space, NewStable is targeted at broader mass adoption. This strategic distinction will allow MakerDAO to address various use cases and audiences effectively, leveraging the benefits of both tokens.
The Endgame initiative also involves launching six new SubDAOs focused on farming and governance AI tools. StableLab, a long-standing supporter of MakerDAO, will contribute to this effort by supporting integrations and providing analytical insights.
This collaboration underscores MakerDAO’s commitment to enhancing its position in the decentralized finance (DeFi) and AI sectors while maintaining a flexible and evolving token ecosystem.
