Bitcoin price is once again targeting $72,000, and hours ago the popular altcoin made the expected announcement. Despite the fall in Bitcoin prices, MKR Coin continues the day with an 8% increase as this article is being prepared. Moreover, this recovery from the $2,449 low points to potential peaks within the year.
Why is MKR Coin Rising?
MakerDAO founder Rune Christensen announced that the first phase of the Endgame Launch will start in the summer of this year. Endgame is a transformation initiated to promote the growth of MakerDAO with the aim of increasing the Dai supply to over 100 billion. According to the founder, the core feature of Endgame is to make saving fun with sustainable yield farming through SubDAO tokens.
“SubDAOs are a unique ecosystem consisting of high-yield DAOs that remain flexible and autonomous while benefiting from the power and infrastructure of MakerDAO. There will be a SubDAO for every taste, and Dai users will be able to choose which SubDAO appeals to them and start farming SubDAO tokens.”
Endgame was first proposed 2 years ago and passed the governance vote in August 2022. Since then, all DAOs have been undergoing an unprecedented structural transformation.
The First Phase of the Launch
In the first phase, all the core features will be launched rapidly. The goal is to quickly achieve a full-featured virtuous cycle where AltDAOs, tokenomics, the new brand, and new user acquisition channels work together to drive exponential growth in the use of Dai. The estimated start is announced as the summer of 2024.
New Token Launch
About a month after the first phase, two new tokens will be launched. The names of the new stablecoin and new governance token will be announced in the first phase. For now, they are referred to as NewStable and NewGovToken.
So what will happen to Dai and MKR Coin? These will continue to exist, but those who want access to all the features in the new structure will need to upgrade their tokens. Another important detail is the fact that the token will be split. That is, the supply of NewGovToken (the new governance token, name to be announced later) will be 24,000 times more than MKR. An investor who owns 1 MKR Coin and upgrades their token will receive 24,000 NewGovToken (name to be announced later).
After these details became clear, the MKR Coin price rose to $2,950, and judging by the excitement in the community, we may see new peaks above $3,000. The MKR Coin, which will be divided by 24,000, will be revalued with the new token structure and may see even more increases. As one of the most expensive altcoins per unit price, MKR Coin will be around $0.11 per unit with its new face at today’s price. Psychologically, altcoins with zeros, those under $1, can be more attractive to investors.
