MakerDAO to Launch NewGovToken (NGT) Token and Stablecoin NewStable (NST)

Bittime - MakerDAO announced plans for the “Endgame Plan”. This plan includes the launch of the newest versions of the MKR and DAI tokens, namely NewGovToken (NGT) and NewStable (NST). 

Convert MKR Tokens to NGT

One of the main points of the Endgame plan is the introduction of NewGovToken (NGT), which will replace some of the functions of MKR as a governance token. 

Each MKR token can later be converted into 24,000 NGT. However, this conversion is optional, meaning users can choose to keep using MKR or switch to NGT.

The goal of this conversion is to enable broader participation in platform governance. With more users holding NGT tokens, the decision-making process in the MakerDAO ecosystem is expected to become more democratic. 

Additionally, NGT tokens can be converted back into MKR, providing additional flexibility for token holders.

Read Also: MakerDAO Launches NewGovToken Activation Feature, Upgrades MKR Tokens to NGT!

New Stablecoin Launch: NewStable (NST)

Apart from NGT, MakerDAO will also launch a new stablecoin called NewStable (NST), which is pegged 1:1 with the DAI token. Users can choose to upgrade DAI to NewStable at any time, with an exchange ratio of 1 DAI = 1 NST. 

Users can also convert NewStable to DAI again if they wish. Good DAI and NST will remain available so users are free to choose the token they want to use. 

Flexibility for MakerDAO Users

In this Endgame Plan, flexibility and freedom of choice for users is the main focus. Users are not required to upgrade to NGT or NST, so they can still use MKR and DAI. 

MakerDAO also added that the introduction of NGT and NST tokens will not immediately replace MKR and DAI, but will run concurrently, unless there is a different decision from the governance side in the future.

Read Also: Migrating Galxe (GAL) Tokens to Gravity (G), Here's How to Convert!

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