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News

MakerDAO Redenominates MKR Token into 24,000 NGT in Endgame Plan

August 23, 2024 - Around 2 mins mins to read

Key Points:

  • As part of its endgame plan, MakerDAO has planned an optional conversion of each MKR into 24,000 NewGovToken (NGT) tokens.
  • The redenomination aims to broaden participation in MakerDAO’s governance by allowing more users to hold significant amounts of NGT.
MakerDAO proposes redenominating MKR token into 24,000 NGT to boost governance and introducing NewStable, pegged 1:1 with Dai, for mass adoption.
MakerDAO redenominates MKR token into 24,000 NGT in endgame plan

MKR Token Redenomination and Governance Democratization

MakerDAO, the decentralized organization behind the Dai stablecoin, has proposed renaming its MKR token as part of its final strategic plan.

Each MKR token will be converted into 24,000 NewGovToken (NGT) tokens to expand governance participation by allowing more users to hold large amounts of the new token. The move is designed to democratize decision-making in the MakerDAO ecosystem, strengthening its decentralized governance model.

Read more: New MakerDAO Tokens Were Introduced, DAI and MKR will Remain Available

Introduction of NewStable and Flexibility in Token Choice

In addition to the MKR token rebrand, MakerDAO plans to launch a new stablecoin called NewStable (NST), which will be pegged 1:1 to DAI. MakerDAO noted that the existing Dai and MKR tokens and the new NGT and NST tokens will remain active.

Users will have the flexibility to choose between the original and new tokens and switch back if they wish. MakerDAO envisions Dai continuing to focus on the native cryptocurrency use cases, while NewStable will aim for mainstream adoption, ensuring a resilient and growing ecosystem.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

MakerDAO

MKR

NewGovToken

NGT

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News

MakerDAO Redenominates MKR Token into 24,000 NGT in Endgame Plan

Key Points:

  • As part of its endgame plan, MakerDAO has planned an optional conversion of each MKR into 24,000 NewGovToken (NGT) tokens.
  • The redenomination aims to broaden participation in MakerDAO’s governance by allowing more users to hold significant amounts of NGT.
MakerDAO proposes redenominating MKR token into 24,000 NGT to boost governance and introducing NewStable, pegged 1:1 with Dai, for mass adoption.
MakerDAO redenominates MKR token into 24,000 NGT in endgame plan

MKR Token Redenomination and Governance Democratization

MakerDAO, the decentralized organization behind the Dai stablecoin, has proposed renaming its MKR token as part of its final strategic plan.

Each MKR token will be converted into 24,000 NewGovToken (NGT) tokens to expand governance participation by allowing more users to hold large amounts of the new token. The move is designed to democratize decision-making in the MakerDAO ecosystem, strengthening its decentralized governance model.

Read more: New MakerDAO Tokens Were Introduced, DAI and MKR will Remain Available

Introduction of NewStable and Flexibility in Token Choice

In addition to the MKR token rebrand, MakerDAO plans to launch a new stablecoin called NewStable (NST), which will be pegged 1:1 to DAI. MakerDAO noted that the existing Dai and MKR tokens and the new NGT and NST tokens will remain active.

Users will have the flexibility to choose between the original and new tokens and switch back if they wish. MakerDAO envisions Dai continuing to focus on the native cryptocurrency use cases, while NewStable will aim for mainstream adoption, ensuring a resilient and growing ecosystem.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.