It has been revealed by MakerDAO that two additional token will be released. The two tokens, NewStable and NewGovToken, were introduced in March. The goal of these two tokens is to encourage users to take part in governance-related activities on a larger scale.
MakerDAO together with the release of new tokens
A global financial system called MakerDAO says it has introduced the first DAI (disinterested currency). One of the most popular overcollateralized stablecoins is the currency in question. The aforementioned ecosystem's worth is further increased by its well-known decentralized governance. Despite a lot of debate over algorithmic stablecoins, MakerDAO's DAI managed to avoid it.
Stablecoins like USDC other cryptocurrencies support the MakerDAO stablecoin. The stablecoin of this protocol, which debuted in 2017 on the Ethereum network, is based on the US dollar. The way the protocol operates is that loans in DAI are permitted, but they need the usage of other cryptocurrencies as security.
A user would need to collateralize $170,000 worth of ETH in order to obtain a $100,000 DAI, protecting it from potential issues. Based on current data, DAI is backed by around $10.6 billion in cryptocurrency assets, compared to $100 million in real world assets.
MakerDAO has made a significant announcement, stating that it would introduce two new tokens to enhance its governance mechanism. The next brand announcement will precede the introduction of these two to the ecosystem.
NewGOV and NewStable
NewStable is an updated version of Dai that has been refined for increased stability and wider use. The official X statement states that the next brand reveal will reveal NewStable's official name.
The goal of the NewGOV coin is to enhance the ecosystem's governance methodology. It is intended to guarantee increased user participation in governance and more robust decision-making.
The token conversion process is straightforward, allowing consumers to switch from Dai to NewStable with the possibility to go back. With NewGOV, one MKR is equivalent to 24,000 NGT. The purpose of the announcement of the redenomination is to increase user participation in governance.
Moreover, the statement has made it clear that the two tokens are an expansion rather than a replacement for DAI and MKR. Users will have the choice to switch to the recently disclosed tokens.
NST holders are able to farm NGT, according to the information that is currently accessible. The participating NST holders will have access to 600 million NGT annually.
US users will not be able to farm, and users connecting through a VPN will not be able to farm either. The strategic supply of NewGOV tokens has been redenominated in relation to MKR, according to official sources.
There are several advantages available to those who take part in farming or switching to the new tokens. Among them are the ability to utilize fresh features and prospects. The newest features in the ecosystem will be available to those that switch to the newest tokens.
As more tokens are added, users will have freedom and choice in selecting among the available possibilities. These tokens will grant access to the developing ecosystem and serve as a doorway to upcoming goods and services. Those who are interested can receive updates by staying connected to the Maker Ecosystem.