DeFi protocol MakerDAO community has started voting on issuing new tokens in addition to MKR and DAI

What’s new? Decentralized Autonomous Organization (DAO) Maker, which operates the $5,2 billion DeFi protocol of the same name and the $5,2 billion-capitalized algorithmic stablecoin DAI, has put forward a proposal to optionally convert MKR governance tokens into NewGovToken (NGT). If the proposal is approved, users wishing to make the exchange will be able to receive 24 000 NGT for each MKR.

Source: X.com

What else is known? This exchange rate is aimed at ensuring greater participation in the management of the platform. The larger the number of users who own a significant number of new management tokens, the more democratic the decision-making process for the development of the project will be.

Along with NGT, the Maker team will also release a new version of DAI’s stablecoin called NewStable (NST), and they will be converted at a 1:1 ratio when exchanged. MKR and DAI will continue to operate after the new assets are released, and users will be able to choose between the original and updated versions.

The proposal emphasizes that upgrading to NewGovToken and NewStable is optional, and users will be able to revert back to MKR and DAI after conversion, ensuring that the flexibility of the Maker ecosystem is preserved.

The initiative is part of the Endgame upgrade, which aims to increase the decentralization of the project. It was first detailed by Maker founder Rune Christensen in March this year. The new assets will also expand staking and yield farming capabilities within the ecosystem.

DAI is the largest algorithmic stablecoin pegged to the US dollar issued by the DAO. It ranks third in the stablecoin ranking and 23rd in the overall list of cryptocurrencies by capitalization. MKR governance token ranks 52nd on the overall list at $1,95 billion and is trading at $2097, adding 3% overnight. Weekly growth was 6,7% and the asset has added 23% since the beginning of the year.

The total value locked (TVL) of the MakerDAO DeFi protocol is $4,956 billion.

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Earlier, Polygon’s Layer 2 (L2) network team on the Ethereum blockchain announced the conversion of the MATIC native token into a new asset with the ticker POL. The migration will take place on September 4. Depending on where users hold their assets, it will either be automatic or require sending the original coins in a special smart contract.