Maker Announces Details on Two New Tokens Replacing MKR and DAI

Maker Introduces NewStable and NewGovToken as Part of Endgame Plan

On May 4th, Maker (MKR), the project behind the long-standing decentralized stablecoin Dai (DAI), announced the launch of two new tokens as part of its Endgame Plan. This rebranding and restructuring effort aims to transform Maker's ecosystem into a more resilient and user-centric financial infrastructure.

Key Details of the New Tokens:

1. NewStable (NST):
   • Purpose: An upgraded version of the DAI stablecoin.
   • Features:
     • Designed to attract more users and enhance stability.
     • DAI holders can seamlessly convert their DAI into NewStable and vice versa.
     • NST holders can participate in farming activities from launch to earn NewGovToken (NGT). Approximately 600 million NGT will be distributed annually through NST farming.
2. NewGovToken (NGT):
   • Purpose: Represents the new governance mechanism within Maker's ecosystem.
   • Features:
     • Encourages widespread participation and flexible decision-making.
     • Each MKR token can be converted into 24,000 NGT. Users can easily switch between MKR and NGT.
     • This revaluation aims to increase the supply of MKR, thereby reducing its price and enabling users to acquire a significant number of tokens to influence governance.

Implementation and Future Steps:

• Coexistence with Existing Tokens: The introduction of NST and NGT is an expansion rather than a replacement of DAI and MKR.
• Naming: The official names for these tokens will be announced during the brand launch event.
• New Mechanisms:
  • Farming and Lockstake Engine: These features will incentivize user participation and interaction within the new ecosystem.
  • Lockstake Engine: Allows users to lock MKR and NGT to farm NST and upcoming subDAO tokens, as well as receive 30% of Maker protocol’s revenue.

The Endgame Plan:

The Endgame Plan, initiated in May 2022, outlines a comprehensive restructuring of Maker. It aims to divide MakerDAO into smaller subDAOs, each managing a specific domain and issuing new governance tokens. The goal is to innovate Maker, ensure its sustainability, make DAI a fully decentralized stablecoin, and potentially launch a dedicated blockchain for the entire Maker protocol.

Market Impact:

Since the community's approval of the Endgame Plan in mid-2023, MKR's price has shown continuous growth.

Meanwhile, DAI remains the largest decentralized stablecoin in the crypto industry, with a market capitalization of $5.3 billion. This figure is more than double that of USDe by Ethena, a recent competitor launched in 2024, and DAI maintains its position as the third-largest stablecoin overall.