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MakerDAO to Offer Optional MKR Conversions for New Governance Token
MakerDAO hopes the new governance token will increase governance participation.
Updated Aug 23, 2024, 12:00 p.m. Published Aug 23, 2024, 11:57 a.m.
- MakerDAO issues NewGovToken (NGT) and NewStable (NST) as a part of its "endgame" plan.
- NGT can be acquired by converting MKR at a ratio of one to 24,000.
- The new stablecoin is pegged 1:1 with DAI. Both MKR and DAI will remain active.
Crypto lending platform MakerDAO, the protocol behind the DAI stablecoin, will allow MKR holders to convert their tokens to newly-issued NewGovToken (NGT) tokens.
Holders will be able to convert one MKR token for 24,000 NGT tokens, which MakerDAO hopes will improve governance participation as users will hold a more significant amount of NGT tokens.
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MKR is currently trading at $2,084 with a total supply of 977,631. The limited supply and high nominal value compared to other governance tokens makes it difficult to achieve wide participation in terms of governance votes.
As well as rolling out NGT, MakerDAO also announced NewStable (NST), a new stablecoin that will be pegged 1:1 with DAI. Both DAI and MKR will remain available and the conversion is optional.
"Both tokens are expected to stay unchanged for the foreseeable future, unless governance decides otherwise," MakerDAO wrote on X.
The tokens are a part of MakerDAO's"endgame" plan, which is a proposed expansion of the Maker ecosystem including the launch of new stablecoins and new ways to generate revenue.
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