In a move that could shift the stablecoin market, MakerDAO’s “Endgame” project aimed to mint 100 billion DAI, potentially shaking up Tether’s dominance.
The first step of MakerDAO’s strategic “Endgame” initiative involved a rebrand, token launches, and DAI’s growth.
Co-founder Rune Christensen described the launch of MakerDAO’s “Endgame” as a major evolution, highlighting resilience and expansion.
In posts on March 12, Christensen declared MakerDAO’s entry into “launch season,” revealing that Phase 1 of the Endgame plan entailed rebranding the protocol with the assistance of an external marketing firm, with the intent to simplify the protocol and enhance engagement.
The ultimate objective of the Endgame plan was to expand DAI’s market capitalization to $100 billion and beyond, potentially rivaling that of Tether.
Christensen articulated another goal of the Endgame plan: providing users with an enjoyable experience through yield farming of SubDAO tokens.
The second phase of MakerDAO’s Endgame plan introduced two new tokens, NewStable and NewGovTokens, in mid-2024, serving as placeholder names until the tokens received proper names.
As part of the Endgame plan, each MKR token underwent conversion to 24,000 NewGovTokens, with users outside the U.S. enabled to farm 600 million NewGovTokens per year.
These will be “optional upgrades for Dai and MKR with new features,” said Christensen.
“Launch season will bring the most important yield farming and UX features rapidly to market,” Christensen added.
In a January interview with Cointelegraph Magazine, Christensen portrayed MakerDAO’s Endgame plan as an endeavor to usher in a new era of sustainable DeFi, distinct from past unsustainable trends.
The fourth phase of the Endgame plan witnessed the launch of MakerDAO’s LSE, offering yields for both MKR and NewGovToken holders.
The fifth phase of MakerDAO’s Endgame plan, titled “NewBridge,” provided a low-cost layer-2 solution for yield farming.
The sixth and final phase of MakerDAO’s Endgame plan for 2024 witnessed the launch of SparkDAO, the first SubDAO focused on lending, initiated in May 2023, featuring core functionalities including supply and borrowing capabilities for DAI and various cryptocurrencies.
Upon completing Phase 1, the second phase was anticipated to occur in late 2024 or 2025, focusing on scaling up the platform with additional SubDAOs and bridges.
Phase 3 saw MakerDAO launching a layer-1 blockchain, known as “NewChain,” designed to host the platform’s tokenomics.
Phase 4, dubbed the “Final Endgame,” aimed to render MakerDAO’s core governance immutable.
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