Stablecoin

Ethereum

Token

Rune

MakerDAO founder Rune Christensen has introduced two new stablecoins, PureDAI and NewStable, as part of the contentious Endgame plan for the protocol. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Reconciling the two opposing paths for Decentralized Stablecoins From the moment Dai started scaling, it has been straddling two worlds. One world is the culture of pure decentralization as introduced with Bitcoin. The other is the desire to fulfill the original purpose of Dai,…— Rune (@RuneKek) <a href="https://twitter.com/RuneKek/status/1790777230341062660?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 15, 2024</a>
 </blockquote> 
 </div>
</figure> 
“From the moment Dai started scaling, it has been straddling two worlds,” Christensen wrote in a post regarding this <a href="https://forum.makerdao.com/t/reconciling-the-two-opposing-paths-for-decentralized-stablecoins/24280" target="_blank" rel="noreferrer noopener">announcement</a> on MakerDAO’s forums. DAI, which currently has a $5.4 billion market cap and ranks third overall in the stablecoin industry, is supposed to be replaced by these new tokens.&nbsp; 
Christensen seeks to balance two decentralized stablecoins approaches: putting utility and scale first with a dollar peg supported by real-world assets (RWA) and pursuing total independence from centralized control. 
PureDai will serve as a completely decentralized substitute for its US dollar-pegged stablecoin. PureDai, a stablecoin that will only run on the Ethereum mainnet, is entirely dependent on decentralized oracles and will be backed by ether and Lido staked ether (stETH). 
According to Christensen, PureDai’s launch targeted users who favor a fully decentralized vision. In addition, the decentralized stablecoin will feature a free-floating peg, which means it might not be correlated with the dollar. 
NewStable is expected to be the primary replacement for DAI, emphasizing growth, yield, and resilience. It will inherit the RWA feature of MakerDAO while staying connected to Maker and bring a new freeze function akin to that of other stablecoins backed by RWA.&nbsp; 
Christensen said that users who favor the idea of pure decentralization will also have the option to utilize PureDai, a second, purely decentralized stablecoin, in addition to NewStable, once both are available in the upcoming years. 
According to Christensen, there will be a burn mechanism in place and an initial “genesis supply” of 2 billion PureDAI governance tokens that will be distributed in batches of 400 million over five years. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/04/makerdao-reveals-new-stablecoin-governance-token/" target="_blank" rel="noreferrer noopener">MakerDAO Reveals New Stablecoin &amp; Governance Token</a> 
</blockquote>

MakerDAO Launches PureDAI and NewStable Stablecoins

The Crypto Times

Other articles published on May 18, 2024

US Crypto Miners Eye Middle East Amid Regulatory Crackdown

Shibarium: Grok’s Insight on TREAT Unveiled by Shiba Inu Insider

Investors Focus on Meme Coins During Bitcoin Price Movements

LayerZero Sybil Self-report Phase Is Now Ended With Over 800,000 Fraudulent Addresses

Whales Dump Ethereum Holding: Could It Shatter Bullish Sentiment?

Bitcoin Investors Are Buying These 4 Altcoins

Join our free newsletter for daily crypto updates!