Search
Close this search box.
Search
Close this search box.

MakerDAO Launches New Tokens NGT and NST, Advancing Endgame Roadmap

MakerDAO launches new governance token NGT and stablecoin NST as part of its Endgame roadmap, aiming to enhance community participation and adoption.
makerdao

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.

maker price chart
MKR Price Chart on August 23 (Source: Coinmarketcap)

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.

Share:

New Post

Read more

Crypto market drops 10% with over $1 billion liquidated following the Fed’s rate cuts. Is this a short-term correction or the start of a bearish cycle for Bitcoin?
Binance.US is set for a major comeback in 2025, aiming to restore USD services after regulatory challenges. CEO Norman Reed outlines a bold plan for growth despite the tough environment.
Dogecoin’s trading volume has surged to $6.5 billion, with $31 million in liquidations following a 5% price drop. Traders are left questioning if this is a temporary dip or a larger trend.