- MakerDAO launched new tokens called NewStable and NewGovToken.
- MKR’s price responded positively and rose 8%.
MakerDAO [MKR] has been one of the most dominant players in the DeFi sector for quite some time. One reason for this is the ongoing protocol extensions.
New Launches on MakerDAO
In their most recent development, the MakerDAO board has introduced two new tokens: NewStable [NST] and NewGovToken [NGT].
These are placeholders for the final names of the token, which will be announced at a later date.
Source: Santiment
Looking at the finer details
NST represents an enhanced version of DAI, MakerDAO’s flagship stablecoin.
NGT, on the other hand, represents a sophisticated approach to governance. This token is intended to encourage broader participation and promote a more dynamic decision-making process within the MakerDAO ecosystem.
DAI holders do not need to worry about transferring their existing tokens. DAI holders can upgrade to NST seamlessly, while retaining the flexibility to return to DAI whenever they want.
For NGT, each MKR token can be exchanged for a hefty 24,000 NGT. This, according to MakerDAO, is specifically intended to encourage broader 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 intended as an extension and not a replacement for the existing DAI and MKR tokens.
Functionally, both new and existing DAI users can access the NewStable token. Interestingly, NST holders will be incentivized to participate in farming to earn NGT from the launch.
Realistic or not, here is MKR’s market cap in BTC terms
However, this farming option will be limited to users who live outside the United States and users who do not use VPNs.
The price of the MKR token reacted extremely positively to this news, causing the token to rise by 8.07% in the last 24 hours. The number of MKR holders also grew during this period.
Source: Santiment