MakerDAO Founder Proposes Plan for Upgraded Versions of DAI Stablecoin, Governance Token
Decentralized finance (DeFi) lending platform MakerDAO’s founder, Rune Christensen, laid out plans to introduce a new stablecoin and governance token as part of the platform’s on-going revamp, according to a proposal posted on Maker’s governance forum on Thursday. The tokens will be upgraded versions of Maker’s stablecoin DAI and its governance token maker (MKR).
The proposal is part of Maker’s major restructuring called the “Endgame” that aims to revitalize the platform and boost development of applications for the protocol’s stablecoin. Maker’s governance has been embroiled in drama on several occasions, leaving community members divided, while demand for its DAI stablecoin has been steadily declining, dropping to $4.7 billion tokens in circulation from almost $10 billion in little over a year. The initiative, which was approved in October by the community, includes breaking up Maker’s decentralized autonomous organization (DAO) structure into smaller SubDAOs, which are self-governing and self-sustaining entities with their own tokens within the MakerDAO ecosystem.
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