The Crypto Roundup: 15 May 2023 | CryptoCompare.com

The Crypto Roundup: 15 May 2023 | CryptoCompare.com

Source Node: 2095064

Rune Christensen, the founder of decentralized finance (DeFi) lending platform MakerDAO, has revealed plans to introduce a new stablecoin and governance token, marking the latest development in the platform’s strategic overhaul.

Details of the proposal were shared on MakerDAO’s governance forum and included upgraded versions of the platform’s existing DAI stablecoin and maker (MKR) governance token, which are expected to launch alongside a rebranded website and unified brand image for the protocol within the next few months.

The proposal also indicates a potential integration of artificial intelligence (AI) into the governance processes of MakerDAO. This move comes as part of MakerDAO’s significant restructuring effort, dubbed “Endgame,” which aims to stimulate the platform’s growth and bolster application development for its stablecoin.

The platform has been embroiled in governance disputes, leading to community division, while its DAI stablecoin has experienced a consistent demand slump, plummeting from nearly $10 billion to $4.7 billion tokens in circulation in just over a year.

The Endgame plan, approved by the MakerDAO in October, includes dividing the DAO into smaller, self-governing SubDAOs, each with its own operating token within the MakerDAO ecosystem.

The introduction of the new stablecoin and governance token is the first step in a five-stage roadmap designed to implement the Endgame. The new stablecoin will be a wrapped version of DAI, with incentives set up for protocols that integrate the token.

Time Stamp:

More from CryptoCompare