- MakerDAO launched new tokens called NewStable and NewGovToken.
- The MKR price reacted positively and rose by 8%.
manufacturerdao [MKR] has been one of the most dominant players in the DeFi sector for quite some time. One of the reasons for the same has been the constant expansions of the protocol.
New releases on MakerDAO
In its most recent development, MakerDAO governance has introduced two new tokens: NewStable [NST] and NewGovToken [NGT].
These are placeholders for the final token names, which will be revealed at a later date.
Looking at the finer details
NST represents an upgraded version of DAI, MakerDAO’s flagship stablecoin.
NGT, on the other hand, means a refined approach to governance. This token aims to incentivize broader participation and encourage a more dynamic decision-making process within the MakerDAO ecosystem.
DAI holders do not have to worry about transitioning their existing tokens. DAI holders can seamlessly upgrade to NST, while maintaining the flexibility to return to DAI whenever they wish.
For NGT, each MKR token can be redeemed for a hefty 24,000 NGT. This, according to MakerDAO, is specifically intended to encourage broader participation in governance.
With a larger pool of NGT holders, more users will have the opportunity to significantly influence the future of the MakerDAO ecosystem.
It is important to note that these new additions are intended as an expansion, not a replacement, of the existing DAI and MKR tokens.
Functionally, both new and existing DAI users will have access to the NewStable token. Interestingly, NST holders will be incentivized to engage in farming to earn NGT from launch.
Realistic or not, here is MKR’s market capitalization in terms of BTC
However, this farming opportunity will be restricted to users residing outside of the United States and those who do not use VPNs.
The MKR token price reacted extremely positively to this news, causing the token to rise by 8.07% in the last 24 hours. The number of MKR holders also grew during this period.
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This is an automatic translation of our English version.
