Leading decentralised finance (DeFi) platform MakerDAO has revealed that it intends to add two new currencies, NewStable (NST) and NewGovToken (NGT), to its ecosystem. These tokens' official names will be revealed during a future brand launch.

The updated stablecoin Dai, currently offered by MakerDAO, was codenamed NewStable.

The official announcement claims that this new token has enhanced stability features and is intended for broader usage. The announcement states that there will be a chance to continuously switch from one token to another stablecoin, DAI.c

NST holders will also have the option to farm in order to start earning NGT. Participating NST holders will get an annual distribution of NGT 600 million through farming.

Relevant News

According to the statement, NewGovToken represents a refined approach to governance in the MakerDAO ecosystem.

It is designed to encourage broader participation and more dynamic decision-making processes. Each Maker (MKR) token can be converted into 24,000 NGT.

The total supply of NewGovToken has been strategically renominated compared to MKR. Therefore, during the upgrade, each MKR will convert into 24,000 NewGovTokens.

This revaluation of NewGovToken will result in more users owning a significant number of NewGovTokens

According to the official statement, these innovations represent an expansion and will not replace the existing Dai (DAI) and Maker (MKR) tokens.