MakerDAO has announced that it will launch two new tokens. The two tokens were announced in March and named NewStable and NewGovToken. These two tokens are intended for the broader participation of users in governance activities.
MakerDAO and announcement of new tokens
MakerDAO is a global financial system that claims to have brought the first unbiased currency DAI. The mentioned currency is one of the leading stablecoins that is overcollateralized. Furthermore, the mentioned ecosystem is known for its decentralized governance adding to its value. Though there was a great controversy regarding algorithmic stablecoins MakerDAO’s DAI was able to steer clear.
MakerDAO stablecoin is stabilized through cryptocurrencies as well as stablecoins like USDC. This protocol was launched in 2017 on the Ethereum blockchain and its stablecoin is pegged to the US dollar. The protocol works by allowing loans in DAI while they have to use other cryptocurrencies as collateral.
If a user wants to get a $100,000 DAI, they would have to collateralize $170,000 worth of ETH, thus providing it protection against potential problems. According to available information, DAI has been backed by the worth of about $10.6 billion assets in crypto while assets in the real world amount to $100 million.
In a big leap, MakerDAO has announced that it will launch two new tokens to further improve its governance model. The two tokens have been named NewStable and NewGOV. These two will be introduced to the ecosystem after the upcoming brand reveal.
NewStable and NewGOV
NewStable is an upgraded version of Dai which has been enhanced for broader adoption and improved stability. According to the official statement on X, the official name of NewStable will be unveiled in the upcoming brand reveal.
The NewGOV token has been designed to improve the governance approach in the ecosystem. It has been designed in order to ensure that more users participate in the governance and the decision-making becomes robust.
The process of the conversion of the tokens is simple where the users can upgrade to NewStable from Dai while they have an option to revert. In the case of NewGOV, 1 MKR can be converted to 24,000 NGT. The redenomination has been announced in order to improve the participation of users in governance.
Furthermore, the statement has clarified that the two tokens will not replace DAI and MKR, rather they represent an expansion. The users will have the option to transition to the newly announced tokens.
As per available information, NST holders can engage in the farming of NGT. 600 million NGT will be available on an annual basis to the participating NST holders.
Farming won’t be available to US users while those accessing the services on VPN won’t be able to farm. According to the official sources, the strategic supply of NewGOV tokens has been redenominated in comparison to MKR.
What’s next?
Those who participate in the farming or conversion to the new tokens will be able to utilize a range of benefits. These include access to new features and opportunities. Those who transition to the latest tokens will be able to gain access to the latest functions in the ecosystem.
There is flexibility and choice as the new tokens are introduced, thus the users will be able to choose between the available options. These tokens are a gateway to future products and services and will provide entry to the evolving ecosystem. Interested users can stay connected to the Maker Ecosystem to get new updates.
Conclusion
MakerDAO has announced the launch of two new tokens, which have been codenamed NewStable and NewGOV. The two tokens will be officially revealed in the upcoming brand reveal event. The two tokens are aimed at bringing ease and facilitation to the users.
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