MakerDAO unveils two new tokens in a major overhaul – CoinJournal | CPT PPP Coverage
Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE
200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |
View more Headlines & Breaking News here, as covered by cryptopolytech.com
MakerDAO unveils two new tokens in a major overhaul – CoinJournal appeared on coinjournal.net by Charles Thuo.
- The two new tokens teased by MakerDAO are NewStable (NST) and NewGovToken (NGT).
- NST replaces Dai and offers upgraded features while NGT replaced MKR and empowers broader governance participation.
- Existing Dai and MKR holders will have the choice to transition to the new tokens or continue using their current assets.
MakerDAO, the decentralized autonomous organization that oversees the Maker Protocol, has announced the introduction of two new tokens – NewStable (NST) and NewGovToken (NGT).
These tokens mark a significant milestone in MakerDAO’s evolution, offering enhanced stability and governance features within its ecosystem.
NewStable (NST) token
The NewStable (NST) token represents an upgraded version of Dai, designed to promote broader adoption and provide advanced stability features.
Existing Dai holders will have the option to seamlessly upgrade to NST while retaining the flexibility to convert their holdings back to Dai at any time.
Additionally, NST holders will be able to participate in farming activities to earn NewGovToken (NGT) from the moment of launch.
NewGovToken (NGT) token
The NewGovToken (NGT) token serves as the new governance token within the MakerDAO ecosystem, offering Maker (MKR) holders the opportunity to upgrade their tokens.
Each MKR token will convert to 24,000 NGT during the upgrade process, strategically redenominated to encourage broader engagement in governance activities. This initiative aims to enable more users to hold a significant number of NGT, empowering them to actively influence the future direction of the MakerDAO ecosystem.
MakerDAO expanding its offerings while maintaining flexibility
With the introduction of NST and NGT, MakerDAO is expanding its offerings while maintaining flexibility for users.
The upcoming brand reveal will mark the official introduction of these tokens into the ecosystem, providing users with access to new features and opportunities.
In addition to the token launch, MakerDAO is also exploring investment opportunities to further strengthen its ecosystem. Plans include a substantial investment of $600 million in DAI into USDe and staked USDe (sUSDe) through Morpho Labs’ DeFi lending protocol. These investments aim to support the development and growth of stablecoin assets within the DeFi space.
FEATURED ‘News of the Day’, as reported by public domain newswires.
View ALL Headlines & Breaking News here.
Source Information (if available)
This article originally appeared on coinjournal.net by Charles Thuo – sharing via newswires in the public domain, repeatedly. News articles have become eerily similar to manufacturer descriptions.
We will happily entertain any content removal requests, simply reach out to us. In the interim, please perform due diligence and place any content you deem “privileged” behind a subscription and/or paywall.
CPT (CryptoPolyTech) PPP (Public Press Pass) Coverage features stories and headlines you may not otherwise see due to the manipulation of mass media.
First to share? If share image does not populate, please close the share box & re-open or reload page to load the image, Thanks!