- MakerDAO has launched new tokens called NewStable and NewGovToken.
- MKR price responded positively, surging 8%.
MakerDAO (MKR) has long been one of the most dominant players in the DeFi sector. One of the reasons was continuous protocol expansion.
New releases from MakerDAO
In the most recent development, MakerDAO governance introduced two new tokens: NewStable (NST) and NewGovToken (NGT).
This is a placeholder for the token’s final name and will be revealed later.
Source: Santiment
Looking at the details
NST represents an upgraded version of MakerDAO’s flagship stablecoin, DAI.
NGT, on the other hand, stands for a sophisticated approach to governance. This token is intended to encourage broader participation within the MakerDAO ecosystem and facilitate a more dynamic decision-making process.
DAI holders do not need to worry about converting their existing tokens. DAI holders can seamlessly upgrade to NST while maintaining the flexibility to revert to DAI whenever they want.
For NGT, each MKR token can be exchanged for 24,000 NGT. According to MakerDAO, this specifically aims to encourage broad 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 envisioned as extensions, not replacements, for the existing DAI and MKR tokens.
Functionally, both new and existing DAI users will have access to NewStable tokens. Interestingly, NST holders will be incentivized to engage in farming to earn NGT immediately after launch.
Realistic or not, the market cap of MKR in BTC terms is:
However, these farming opportunities are limited to users living outside the United States and those not using a VPN.
The MKR token price reacted very positively to this news, with the token price surging 8.07% in the last 24 hours. The number of MKR holders also increased during this period.
Source: Santiment