Original | Odaily Planet Daily
Author | How about
Recently, MakerDAO announced the launch of new tokens, NewStable and NewGovToken. Among them, MKR holders can upgrade their tokens to the new governance token (NewGovToken, exchange ratio of 1:24000), which is the new governance token within the ecosystem, and stablecoin Dai (DAI) can be converted to the new stablecoin (NewStable). (Odaily note: The names of the two tokens have not been revealed yet)
The case of old projects launching new tokens is not uncommon, mostly seeking change and finding new growth points. However, for well-known projects like MakerDAO to take such action, the impact behind it cannot be ignored.
According to MakerDAO's official forum and the latest developments, the news of MakerDAO launching new tokens was released as early as last year, and issuing new tokens is an important part of the Endgame transformation plan's first phase.
The Endgame transformation plan was approved through governance voting in August 2022, with continuous updates and discussions until the recent official announcement of the launch of new tokens this summer. It is reported that Endgame is a major update for MakerDAO, aiming to improve efficiency, resilience, and participation to expand Dai supply to 100 billion and above. A key feature of Endgame is to make the ecosystem more prosperous through sustainable SubDAO token mining, where SubDAO is a DAO ecosystem that utilizes MakerDAO's infrastructure while maintaining flexibility and autonomy. There will be SubDAOs suitable for different groups of people, and Dai users can easily choose their preferred SubDAO and start mining the corresponding SubDAO tokens.
Odaily Planet Daily will start with an overview of the new tokens to provide a detailed explanation of the current stage of MakerDAO's Endgame transformation plan.
The first step is to launch new tokens, and subsequently build a DeFi ecosystem with SubDAO as the core on its own public chain
One month after the unveiling of the new brand of MakerDAO, the new stablecoin (NewStable) and new governance token (NewGovToken) will be officially launched, and the entire new ecosystem of Maker will operate using the new tokens. Before this, Dai and MKR tokens will remain unchanged, and users will have the option to upgrade to NewStable and NewGovToken. If tokens are not upgraded, they may not be able to participate in the new ecosystem functions. According to the official description, Dai will focus on native crypto use cases, while the upgraded NewStable will focus on large-scale adoption.
NewStable will still operate as a stablecoin and can be converted back and forth with Dai. After its launch, NewStable can be mined for the new governance token NewGovToken (not open to VPN users and users in the United States).
NewGovToken can also be converted back and forth with the pre-upgraded MKR tokens. Compared to the limited supply of MKR, the supply of NewGovToken will expand, with an official exchange ratio of 1 MKR being exchangeable for 24000 NewGovToken. This move can lower the price of governance tokens, expand the governance scope, attract more new users to participate in community building, and thus increase the decentralization of the project.
In addition to issuing new tokens, the subsequent Endgame will introduce the Lockstake Engine (LSE) staking protocol, where users can stake MKR and NewGovToken in LSE to mine NewStable and the upcoming SubDAO tokens (including the SPK tokens from the Spark SubDAO).
It is worth noting that 30% of all protocol surplus income earned by the protocol will be allocated as rewards for NewStable, proportionally distributed to LSE users who choose to receive NewStable rewards. Additionally, a 15% exit fee will be charged when unlocking NewGovToken and MKR tokens staked in LSE; this fee will be destroyed by the protocol and deducted from the initial principal of Lockstake. (Odaily note: Lockstake Engine is not open to residents of the United States and VPN users)
After the launch of the Lockstake Engine, NewBridge and SparkSubDAO will be successively launched, jointly achieving the goals of the first phase of the Endgame transformation plan.
NewBridge will connect the NewStable, NewGovToken, and other Maker ecosystem tokens on the Ethereum mainnet to L2 (currently pending). NewBridge will support native mining on L2, providing users with a low-cost access channel.
Spark is a SubDAO in the MakerDAO ecosystem. As an independent community, Spark has autonomy and a unique business model. SparkLend is Spark's main product, a lending platform where users can use crypto assets as collateral to generate Dai at a predictable interest rate, and in the future, generate NewStable.
In addition to SparkLend, Spark will also provide some new business capabilities:
RWA: Spark will utilize the RWA infrastructure established by MakerDAO to deploy funds into real-world assets to generate returns and improve risk-adjusted returns.
Perpetual swap income: In addition to RWA, Spark will also generate income from the crypto perpetual swap market, providing users with low-risk income opportunities.
The total supply of Spark token SPK is 4 billion, mainly obtained through staking by NewStable users on the Ethereum mainnet and (pending) L2, with a circulating trend of 1 billion tokens in the first two years, halving every two years until the entire supply is exhausted in 10 years.
Spark governance: Spark has a community governance mechanism controlled by SPK token voting, and over time, within the framework of the Maker SubDAO ecosystem, Spark governance will autonomously operate all activities.
According to the official governance forum disclosure, the Endgame transformation plan will also unfold in the subsequent three stages:
Phase 2 Scale Expansion: After all ecosystem components are launched in the first phase, the second phase will expand the scale and applications of the ecosystem to make it larger in scale.
Phase 3 NewChain: The third phase will introduce an independent Layer 1, hosting the core token economics and governance mechanisms of Maker Core and SubDAO, and connecting RWA, DeFi, and public chains through the NewBridge system.
Phase 4 Final Endgame: The final Endgame is the moment when all technical and foundational governance mechanisms are completed. When the final Endgame is activated, all foundational governance mechanisms of Maker Core will become immutable, realizing the ultimate vision of Endgame.
Governance reform guides ecosystem prosperity, and a new DeFi ecosystem is about to be born
From MakerDAO's Endgame transformation plan, it is not difficult to see that as early as 2022, the MakerDAO community initiated a "self-rescue" for the current bottleneck in the DeFi sector. As an established project, MakerDAO deeply understands that staying unchanged equals "chronic death" and will eventually be surpassed.
However, the path of change chosen by Maker is different from other DeFi projects—previously, dYdX sought development in terms of performance and user volume by migrating from Ethereum to Layer 2, and even later building its own exclusive chain.
The Endgame transformation plan shows a DeFi ecosystem with community governance at its core. At a superficial level, the Endgame transformation plan is broadly consistent with dYdX's development path on the underlying public chain, from Ethereum to building L1 (MakerDAO disclosed that it will not shut down functions on Ethereum). However, the core is to attract different demands and preferences of users to participate in MakerDAO's governance through different SubDAOs, which will segment different sectors within MakerDAO's own ecosystem, allowing the stablecoin Dai or the upgraded NewStable to truly circulate in the ecosystem, thereby increasing the prosperity of the ecosystem.
According to the roadmap disclosed, it may take several years for Endgame to be realized. However, in the first phase to be launched this summer, there will be various mining and revenue channels available, and the DeFi ecosystem may usher in new vitality. Odaily Planet Daily will continue to follow up.
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