$DAI is the third largest stablecoin by market capitalization, and Maker occupies about 40% of the DeFi profits on Ethereum.
Author: Fiona
Translation: DeepTechFlow
What is the Endgame of @MakerDAO?
As the stablecoin ecosystem continues to thrive, the veteran DeFi protocol MakerDAO is launching its new stablecoins NewStable and PureDai for evolution.
In this post, I will introduce the current status of Maker and its future plans.
Background of MakerDAO
MakerDAO is a CDP protocol that issues $DAI. Users can mint $DAI by depositing $BTC, $ETH, or whitelisted crypto assets at a collateralization ratio of 150%.
$DAI is the third largest stablecoin by market capitalization, and Maker occupies about 40% of the DeFi profits on Ethereum.
Uses of $DAI
As a stablecoin, $DAI has been widely used in various DeFi applications. In addition, $DAI holders can earn approximately 8% annual percentage yield (APY) on $sDAI through the Dai Savings Rate (DSR) module.
Uses of $MKR
MKR is the governance and utility token in the Maker ecosystem. MKR holders can vote on MakerDAO's mechanisms, including stability fees, collateral types, and other key parameters.
Endgame Plan of MakerDAO
The plan, approved in October 2022, lays the foundation for the governance and upcoming developments of MakerDAO.
Among many projects, a key upgrade is the rebranding of $DAI and $MKR tokens:
$DAI —> NewStable and PureDai
$MKR —> NewGovToken
Why is MakerDAO creating two successors to $DAI?
Because they recognize the market demand for two different types of stablecoins—decentralized and compliant. They are meeting these two demands by offering two choices.
Users can choose to migrate their $DAI to NewStable or PureDai.
$DAI —> NewStable
NewStable is the first successor to $DAI.
Expected to launch by the end of 2024, NewStable focuses on compliant RWA support, aiming to integrate with traditional financial institutions and attract institutional liquidity into Web3. DSR will accumulate to NewStable instead of $DAI.
$DAI —> PureDai
PureDai is the second successor to $DAI.
Expected to launch in 2025/2026, PureDai focuses on complete decentralization, using purely decentralized collateral. Once launched, PureDai will no longer be permanently connected to MakerDAO.
$MKR —> NewGovToken
NewGovToken is the successor to $MKR.
NewGovToken will become the new governance token of MakerDAO. It remains connected to MakerDAO. MKR holders can upgrade to NewGovToken at a ratio of 1:24,000.
Other Upgrades
In addition to token replacements, the Endgame plan also includes:
Locking collateral engine
New bridging protocols
More sub-DAOs targeting different market segments
New chains
What's Next?
Maker is expected to launch NewStable by the end of 2024. Users can earn points and potential airdrops by:
Connecting their wallet to the NewStable user interface
Interacting and staking
Depositing $DAI to receive NewStable
The above is a personal analysis and does not constitute financial advice. Please DYOR.
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