{"id":27506,"date":"2024-08-23T18:30:46","date_gmt":"2024-08-23T15:30:46","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=27506"},"modified":"2024-08-23T11:36:31","modified_gmt":"2024-08-23T08:36:31","slug":"makerdao-proposes-governance-token-redenomination","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/makerdao-proposes-governance-token-redenomination\/","title":{"rendered":"MakerDAO Proposes Governance Token Redenomination"},"content":{"rendered":"<p>The distributed autonomous company behind the Dai stablecoin, <strong>MakerDAO<\/strong>, suggested an optional redenomination of its governance token, therefore transforming every MKR into 24,000 New Government Tokens (NGT). This is part of their recently launched strategic endgame plan.<\/p>\n<p><strong>MakerDAO<\/strong> pointed out that the redenomination seeks to enable more users to possess large quantities of the new governance token, NGT, therefore democratizing the decision-making process and enabling greater involvement in the governance of the platform.<\/p>\n<p><strong>MakerDAO<\/strong> will be launching a new stablecoin, NewStable (NST), pegged 1:1 with Dai alongside the NGT introduction. The current Dai and MKR tokens will stay operational, so users will be able to pick between the original tokens and their replacement.<\/p>\n<p><strong>MakerDAO<\/strong> said, <em>&#8220;Both tokens are expected to stay unchanged for the foreseeable future unless governance decides otherwise.&#8221;<\/em><\/p>\n<p>Emphasizing user choice, the plan notes that upgrading to NewStable and NewGovToken is optional. Users switching to the new tokens can go back to the original Dai and MKR, therefore maintaining the adaptability of the <strong>MakerDAO<\/strong> ecosystem.<\/p>\n<p><strong>MakerDAO<\/strong> also mentioned that eventually their ecosystem would &#8220;<em>eventually explore ways to differentiate between Dai and NewStable<\/em>.&#8221; The DAO claims Dai might keep its emphasis on crypto-native use cases in this configuration, and NewStable could aim for mass adoption.<\/p>\n<p>Released by a distributed entity, Dai is the biggest U.S. dollar-pegged stablecoin available. With a market valuation of $5.2 billion, it also ranks as the as the third-largest stablecoin overall after Tether USD and Circle&#8217;s USDC.<\/p>\n<p>With an expected quantity of one million tokens and a market capitalization of more than $2 billion, the Maker token rules the project.<\/p>\n<p>&nbsp;<\/p>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The distributed autonomous company behind the Dai stablecoin, MakerDAO, suggested an optional redenomination of its governance token, therefore transforming every MKR into 24,000 New Government Tokens (NGT). This is part of their recently launched strategic endgame plan. MakerDAO pointed out that the redenomination seeks to enable more users to possess large quantities of the new<\/p>\n","protected":false},"author":6,"featured_media":27508,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1915,1024,8113],"class_list":["post-27506","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-dai","tag-makerdao","tag-ngt"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MakerDAO Proposes Governance Token Redenomination - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/makerdao-proposes-governance-token-redenomination\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MakerDAO Proposes Governance Token Redenomination - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"The distributed autonomous company behind the Dai stablecoin, MakerDAO, suggested an optional redenomination of its governance token, therefore transforming every MKR into 24,000 New Government Tokens (NGT). 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