On August 23, the decentralized finance (DeFi) project MakerDAO officially launched its governance token NewGovToken (NGT) and stablecoin NewStable (NST) as part of the Endgame roadmap.
Users need to note that DAI and MKR tokens will continue to exist and operate as usual.
The conversion rate for the two tokens NGT and NST is as follows:
- 1 MKR = 24,000 NGT
- 1 NST = 1 DAI
MakerDAO has stated that the purpose of launching these new tokens is to expand community participation in the project’s governance process and support the mass adoption trend of the MakerDAO project. Converting to the new tokens can help democratize the decision-making process for the project and limit the impact of events on the price of common tokens such as MKR.
It’s also important to note that the decision to convert tokens is entirely up to each user’s choice and there is no compulsion. Users can choose to convert two-way from new tokens to old tokens if they want to, and the MakerDAO ecosystem will continue to operate normally.
Overall, the differences between the new and old tokens are not entirely clear at this point. However, the project has revealed that there will be many more ways to effectively utilize the new governance tokens proposed by the community in the future.
MakerDAO has launched a comprehensive upgrade roadmap called Endgame, aimed at improving the growth and mass adoption of the network. The launch of the new tokens is phase 1 of the Endgame roadmap. In the following phases, MakerDAO will launch new mechanisms such as SparkLend, Lockstake Engine, and a new Layer 1 blockchain design called NewChain.
Furthermore, MKR token price has increased by over 3% in the past 24 hours and is currently trading around $2,097. It has increased by 10% since the beginning of the week.
Additionally, asset management company Grayscale launched an investment fund in MKR tokens called Grayscale MakerDao Trust. This resulted in a positive reaction from the MKR token, showing Grayscale’s significant influence on the crypto market.
In July, to expand its influence into the RWA field, MakerDAO announced a competition of up to $1 billion, which also had the participation of large financial institutions such as BlackRock, Franklin Templeton, and others.
