MakerDAO founder introduces new stablecoins: NewStable and PureDAI

Rune
Christensen,
the
founder
of
MakerDAO,
has
unveiled
two
new
stablecoins,
NewStable
and
PureDAI,
as
part
of
the
protocol’s
controversial
Endgame
plan.

The
new
tokens
are
intended
to
eventually
replace
DAI,
which
currently
commands
a
$5.4
billion
market
cap,
placing
it
third
overall
in
the
stablecoin
sector.

Christensen’s
goal
is
to
reconcile
the
two
opposing
paths
for
decentralized
stablecoins:
one
prioritizing
utility
and
scale
by
choosing
a
dollar
peg
backed
by
real-world
assets
(RWA)
as
collateral,
and
the
other
demanding
complete
independence
from
any
sort
of
centralized
control.

He
argues
that
achieving
both
is
now
possible
with
the
introduction
of
NewStable
and
PureDAI.

“From
the
moment
Dai
started
scaling,
it
has
been
straddling
two
worlds,”
Christensen
said
in
a

post
to
MakerDAO’s
forums.

NewStable
will
be
the
main
successor
to
DAI,
focused
on
growth,
yield,
and
resilience.
It
will
take
over
the
RWA
aspect
of
MakerDAO
while
remaining
attached
to
Maker,
and
introduce
a
novel
freeze
function
similar
to
other
RWA-backed
stablecoins.
Users
can
opt
to
upgrade
their
DAI
to
NewStable,
although
DAI
will
continue
to
operate
as
is.

“One
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,”
Christensen
explains,
providing
a
distinction
between
the
Endgame
plan
and
the
core
values
of
the
alpha
crypto.

PureDAI,
on
the
other
hand,
is
positioned
as
a
“return”
to
the
project’s
“ideological
roots”
supported
by
early
community
members
and
cypherpunk
idealists.
It
will
feature
a
free-floating
target
which
“only
very
decentralized”
participants
can
use
as
collateral
through
ETH
and
staked
ETH
(stETH).
The
new
stablecoins
will
also
allow
users
to
leverage
maximally
decentralized
oracles,
minimal
governance,
and
simple
tokenomics
that
will
promote
stablecoin
supply-side
growth.

Christensen
claims
that
there
will
be
an
initial
“genesis
supply”
of
2
billion
PureDAI
governance
tokens
which
will
be
distributed
in
batches
of
400
million
over
five
years,
with
a
burn
mechanism
set
in
place.