{"id":304314,"date":"2024-05-18T00:26:57","date_gmt":"2024-05-17T18:56:57","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=304314"},"modified":"2024-05-18T00:26:57","modified_gmt":"2024-05-17T18:56:57","slug":"makerdao-founder-unveils-two-new-stablecoins-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/makerdao-founder-unveils-two-new-stablecoins-crypto-news\/","title":{"rendered":"MakerDAO Founder Unveils Two New Stablecoins – Crypto News"},"content":{"rendered":"

<\/p>\n

The new stablecoins are part of MakerDAO\u2019s controversial Endgame plan and are intended to eventually replace DAI.<\/p>\n

\n

Reconciling decentralization is the aim of MakerDAO\u2019s endgame<\/a>. At least according to the protocol\u2019s founder, Rune Christensen.<\/p>\n

The latest phase of the Endgame was unveiled on May 15, when Christensen unveiled two new stablecoins: NewStable and PureDAI. Both tokens are meant to eventually replace DAI, which currently commands a $5.4 billion market cap, placing it in third overall for the sector.<\/p>\n

<\/p>\n

DAI Market Cap<\/figcaption><\/figure>\n

<\/a><\/p>\n

\u201cFrom the moment Dai started scaling, it has been straddling two worlds,\u201d wrote Christensen in a post titled Reconciling the two opposing paths for Decentralized Stablecoins<\/a>. \u201cOne world is the culture of pure decentralization as introduced with Bitcoin. The other is the desire to fulfill the original purpose of DAI by delivering utility and value to real people at scale.\u201d<\/p>\n

Christensen elaborated on the idea of the stablecoin<\/a> trilemma, which claims that maintaining a stable peg while also being fully decentralized and scaling to large sizes, is not feasible.<\/p>\n

He promotes two options. The first prioritizes utility and scale by choosing a dollar peg backed by real-world assets<\/a> (RWA) as collateral. The second, he wrote, demands complete independence from any sort of centralized control.<\/p>\n

With the unveiling of NewStable and PureDAI, achieving both is now possible, argues Christensen.<\/p>\n

What are NewStable and PureDAI?<\/h2>\n

NewStable will be the main successor to DAI focused on growth, yield and resilience.<\/p>\n

However, its name will be revealed later this year once the new branding is complete. The token will take over the RWA aspect of MakerDAO (a sector that has been gaining significant traction over the past year) while remaining attached to Maker.<\/p>\n

It will introduce a novel freeze function \u201csimilar to the industry standard of other RWA-backed stablecoins,\u201d although it will have to go through a governance process beforehand.<\/p>\n

Users wondering about DAI can sleep easy knowing that the token will continue to operate as is but can opt to be upgraded to NewStable.<\/p>\n

PureDAI and a Return to Ideological Roots<\/h2>\n

According to Christensen, PureDAI is a return to the project\u2019s ideological roots, one he says is supported by OG community members and cypherpunk idealists who continue to exist in the Ethereum space.<\/p>\n

In a lengthy May 17 post<\/a>, he outlined how PureDAI will operate, although he let out a somewhat strange roadmap: the token won\u2019t be ready to launch for years to come.<\/p>\n

Nevertheless, its main features include a free-floating target price, \u201conly very decentralized\u201d collateral through ETH and staked ETH (stETH), maximally decentralized oracles, minimal governance (no budgets or contributors), permanent location on Ethereum\u2019s mainnet, and what he deems simple tokenomics that will promote stablecoin supply-side growth.<\/p>\n

Christensen also highlighted how PureDAI\u2019s mechanics and tokenomics will work. An initial \u201cgenesis supply\u201d of 2 billion PureDAI governance tokens \u2014 which calls into question its \u201cminimal governance structure\u201d\u2014 will be distributed in batches of 400 million over five years.<\/p>\n

Maker\u2019s founder did explain, however, that there will be a burn mechanism for those governance tokens.<\/p>\n

What\u2019s unique is that PureDAI offers the opportunity to experiment with tokenomics brought to life by Maker\u2019s Endgame plan. The plan is to provide permanent emissions, which, according to Christensen, might support a greater level of PureDAI demand and growth without ever having to return to a negative rate.<\/p>\n

Christensen has called for the community to provide input about key features regarding other pure decentralized stablecoins, especially \u201cobservations about how their mechanics perform in the wild after launch.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The new stablecoins are part of MakerDAO\u2019s controversial Endgame plan and are intended to eventually replace DAI. Reconciling decentralization is the aim of MakerDAO\u2019s endgame. At least according to the protocol\u2019s founder, Rune Christensen. The latest phase of the Endgame was unveiled on May 15, when Christensen unveiled two new stablecoins: NewStable and PureDAI. Both […]<\/p>\n","protected":false},"author":2,"featured_media":304315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-304314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/304314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=304314"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/304314\/revisions"}],"predecessor-version":[{"id":304316,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/304314\/revisions\/304316"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/304315"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=304314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=304314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=304314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}