According to the latest news, Rune Christensen, the founder of MakerDAO, posted on the X platform, stating that as a supplement to NewStable, Maker is expected to launch another completely decentralized stablecoin called PureDai to meet the needs of users who prefer a purely decentralized vision. PureDai will only be deployed on the Ethereum mainnet, operate using decentralized oracles, require no governance or other budgets, and will not need further upgrades or changes from the moment of release, and will be completely independent of Maker.

Christensen further introduced the design and implementation details of PureDai. The features of PureDai include a floating target price and highly decentralized collateral (such as ETH and stETH). Users holding DAI will be able to upgrade their DAI to NewStable or PureDai, with the conversion to NewStable expected to be launched in the short term, while PureDai is expected to be released in a few years.

This new decentralized stablecoin, PureDai, aims to return to MakerDAO's original decentralized vision, fully leveraging the advantages of the Ethereum ecosystem to ensure its leading position in the decentralized field. Next, we will explore in detail the technical features of PureDai and its potential impact on the decentralized financial ecosystem.

How will MakerDAO's dual stablecoin strategy, the Endgame plan, impact the market?

MakerDAO is a pioneer in the decentralized finance (DeFi) field, and its stablecoin Dai holds an important position in the cryptocurrency market. Dai's success lies in its unique over-collateralization mechanism, which allows it to maintain a relatively stable value. As the DeFi ecosystem develops, MakerDAO continues to innovate, seeking better solutions to meet market demands.

In August 2022, the MakerDAO community approved the Endgame plan, which aims to enhance MakerDAO's growth, resilience, and participation by introducing the new tokens NewStable and NewGovToken. The core goal of the Endgame plan is to expand Dai's supply to 1 trillion or more while maintaining its decentralization and transparency. Through the SubDAO ecosystem, the Endgame plan provides users with multiple options, allowing users with different needs to participate, forming a virtuous cycle.

NewStable is a key component of the Endgame plan, focusing on the mass adoption and support of real-world assets (RWA) as an upgraded version of Dai. NewStable remains pegged to the US dollar but enhances its stability and returns by introducing RWA as reserve assets. Users can choose to upgrade their Dai to NewStable to enjoy new features and higher returns.

What are the characteristics of PureDai, a decentralized stablecoin launched by MakerDAO?

PureDai is another completely decentralized stablecoin launched by MakerDAO, aiming to meet the needs of users who prefer a purely decentralized vision. Unlike NewStable, PureDai will not rely on any centralized asset support but will maintain its stability through extremely decentralized mechanisms. The design features of PureDai include:

1. Floating target price: PureDai will adopt a floating target price mechanism, meaning its value will freely fluctuate based on market demand and supply, rather than being fixed to a specific currency.

2. Highly decentralized quality collateral: Only highly decentralized and fully verified collateral, such as ETH and stETH, will be accepted.

3. Decentralized oracle: Relies on decentralized oracles to provide price data to ensure the system's transparency and resilience.

4. Minimal governance: No budget or contributors are required, and no further upgrades or changes will be needed from the initial release.

The core advantages of PureDai include:

1. Mechanism of floating target price: The floating target price is a core feature of PureDai. As it cannot guarantee long-term pegging to the US dollar, PureDai must achieve a freely floating anchoring mechanism. By introducing negative target interest rates, PureDai can lower prices in high-demand situations, thereby maintaining a form of price stability. This mechanism is similar to other decentralized priority stablecoins, such as RAI and HAI.

2. Highly decentralized quality collateral: PureDai only accepts highly decentralized and fully verified collateral, primarily ETH and stETH. ETH is considered the ultimate decentralized collateral, while stETH enhances economic efficiency through Lido's decentralized infrastructure. The minimal governance of PureDai will be able to offboard stETH when necessary and potentially onboard other high-standard liquid collateral ETH tokens.

3. Operation of decentralized oracles: PureDai relies on decentralized oracles to provide price data to ensure the system's transparency and resilience. To achieve this goal, PureDai will maintain liquidity in three AMM pools: ETH/PureDai, stETH/PureDai, and NewStable/PureDai. These AMM pools will be used to generate time-weighted oracle prices, ensuring accurate collateral prices in the system's liquidation calculations.

4. Governance token economics: PureDai will have its own governance token, with an initial supply of 20 billion. These governance tokens will be distributed to NewStable mining users over 5 years and permanently distributed to PureDai treasury users to subsidize PureDai generation. Surpluses of PureDai will be used to accumulate governance tokens through an intelligent burn engine. In addition, governance tokens will act as a backstop when PureDai experiences bad debt.

5. Permanent distribution to PureDai treasury: To support the growth and demand of PureDai, PureDai treasury users will receive a permanent distribution of governance tokens. This mechanism allows users to receive governance tokens by paying higher stability fees, thereby incentivizing more users to participate in the generation and use of PureDai.

6. Minimal governance and immutability: A notable feature of PureDai is its minimal governance requirements and immutability. From the initial release, PureDai will not require further upgrades or changes, meaning the token will be completely independent of Maker and not subject to any centralized control. The decentralized oracle and minimal governance of PureDai ensure its leading position in the decentralized field.

PureDai will face market tests, and its future trends are worth watching

With the announcement of PureDai by MakerDAO, this brand-new decentralized stablecoin project faces tremendous opportunities and challenges. As a product that returns to its original intention, PureDai aims to provide users with truly decentralized financial tools through its floating target price, highly decentralized quality collateral, and minimal governance mechanism. This undoubtedly injects new vitality into the decentralized finance (DeFi) ecosystem.

The design of PureDai allows it to flexibly adjust between market demand and supply, maintaining price stability and system resilience. At the same time, the immutability and complete independence of PureDai ensure that no further upgrades or changes are needed after its release, greatly enhancing user confidence and security. Over time, PureDai will further solidify its market position through its unique governance token economics and incentive mechanisms for permanent distribution to treasury users.

However, PureDai also faces multiple technical and market challenges. Firstly, effectively managing the floating target price to cope with market fluctuations is an issue that requires continuous exploration and optimization. Secondly, while PureDai's decentralized collateral design is attractive, ensuring the liquidity and stability of collateral in practice will be a significant test of the system's resilience.

Additionally, the launch of PureDai requires broad support and recognition within and outside the MakerDAO community. Community feedback and participation will be a key factor in PureDai's success. MakerDAO needs to ensure that PureDai can meet user needs and play an important role in the decentralized financial ecosystem through continuous communication and improvement.

In summary, PureDai is at a critical juncture full of potential and challenges. Through technological innovation and adaptability to the market, PureDai is expected to achieve significant accomplishments in the decentralized finance field. However, balancing technological innovation with market demand and maintaining system stability and security will be crucial for the future development of PureDai. For investors and users, this is a moment worth paying attention to and evaluating, as well as a test of long-term commitment and confidence in the PureDai project.

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