As a seasoned crypto investor with a deep understanding of the decentralized finance (DeFi) space, I’m closely following the latest development from MakerDAO, specifically the announcement of PureDai and NewStable. Rune Christensen’s revelation that a more decentralized stablecoin will emerge to replace DAI is an intriguing development.
Rune Christensen, the CEO and co-founder of MakerDAO, revealed in a recent post on X that there will be a new token coming up which is expected to supersede DAI, a stablecoin anchored to the US dollar. He described this upcoming initiative as a “return to the foundational principles of DAI.” The forthcoming stablecoin, named PureDai, intends to increase decentralization within the ecosystem in contrast to DAI, which is more centralized. This new stablecoin will employ decentralized collateral assets such as Ethereum (ETH) and staked Ether (stETH).
Transition from DAI to PureDai and NewStable
As an analyst, I can share that Rune announced the upcoming completion of the project, implying that upon release, it will remain stationary without any need for updates. Moreover, this project will operate independently from its originating project, Maker, marking a clear separation between the two.
As a crypto investor in DAI, I’m excited to share that we’ll soon have the opportunity to upgrade to PureDAI through the user-friendly Maker frontend. This seamless transition will take place on the Ethereum network initially, but keep in mind that Layer 2s and bridges may choose to migrate it to another blockchain down the line.
transferring to PureDai for a completely decentralized collateral option or opting for NewStable, which is a stablecoin pegged to the US dollar and offers yield benefits. Over time, the use of the original DAI may diminish as users adopt either PureDai or NewStable.
After several years, Dai is anticipated to be completely phased out once all users and connections have transitioned to either NewStable or PureDai. The exact timeframe for this switch depends on the rate at which the ecosystem embraces NewStable and PureDai.
As a crypto investor, I’m excited about the recent developments with PureDai. This news comes on the heels of DAI reaching new heights last month, setting a record transaction volume of over $240 billion. That’s more than the weekly transactions of other stablecoins combined during that period! The benefits of this crypto project are clearly resonating with users, who can take advantage of DAI loans by depositing approved collateral assets into the Maker protocol smart contract known as Collateral Debt Positions (CDPs).
The Future of Maker (MKR)
Rune provided some information about the upcoming changes in Maker (MKR), the governance token of the crypto project. He assured that MKR will not be abandoned, but rather integrated into MakerDAO during its launch phase. Token holders will have the opportunity to exchange their MKR for NewGovToken at a rate of 1:24,000. Additionally, those who choose to keep their MKR can still benefit from the features of NewGovToken in the near future.
“Individuals possessing MKR tokens have the option to continue holding onto them, as the latest functionalities of NewGovToken are applicable to MKR as well. The LockStake Engine can be directly utilized with MKR without requiring an upgrade to NewGovToken,” he explained.
Read More
Sorry. No data so far.
2024-05-16 15:36