MakerDAO Could Replace Governance Token, Will It Provide Enhanced Incentives?
15 Março 2022 - 7:00PM
NEWSBTC
According to a post on the MakerDAO Forum, the financial service
protocol could replace its governance token MKR with a new token
called stkMKR. The proposal was introduced to address the criticism
around MKR’s tokenomics. Related Reading | Will Ethereum Give In To
Bears? New MKR tokenomics could supplement and improve on previous
benefits and incentives. The proposal emphasized that stkMKR will
preserve MKR’s current burn mechanism and will allow users to claim
their reinvest dividends and other payouts without spending funds
on gas while keeping its tax efficiency. On previous tradeoffs,
stkMKR will attempt to attract more attention to the Maker and the
MakerDAO by strengthening its narrative. This could potentially
impact the price of its new governance token by attracting more
users, and by updating some of its key components. The proposal
claims: A new token, stkMKR, will replace MKR as the core
governance token of MakerDAO. stkMKR will be non-transferable, and
represents MKR staked in governance. Staked tokenholders will
receive a share of MKR tokens purchased through surplus auctions,
so stkMKR will be backed by an increasing amount of MKR over time
(automatically compounding like xSUSHI). Moreover, the proposal
claims the MakerDAO will become more resilient to potential bad
actors and malicious proposals and improve incentives for
investors. Currently, the protocol provides rewards to users via
buybacks and burn returns, but the new proposal will try to create
more incentives for those users “providing excess value”. As the
post claims, stkMKR and its mechanism were inspired by the Cosmos
governance model, and by the tokenomics around tokens stkAAVE and
xSUSHI. The proposal added: Withdrawing from stkMKR requires
waiting through a pre-set unbonding period, which improves protocol
resilience and governance security (similar to Cosmos and stkAAVE).
In addition, the proposal contemplates a portion of MKR in the
protocol would be diverted from the burning mechanism directly into
stkMKR holders, and combine with another pool that would “smooth
out yield volatility” and support Maker in difficult times, as seen
below. MakerDAO And The New Tokenomics A lot of protocols have been
trying to update and improve their tokenomics and governance model.
The DeFi sector has seen a surge in competitive environments. From
Solana to Terra, Avalanche, Cosmos, and others, veteran protocols
like Maker need to remain competitive. The proposal seeks to
motivate users to participate in the new governance model by
improving staking rewards and delegation rates. Also, the proposal
seeks to increase the MKR’s value with “concrete APR figures and
supply restriction” and increase protection against volatile
periods in the market while preventing credit losses. If approved,
the proposal will change the following components of the MakerDAO
governance model: migration, which involves voting and contract
delegation, conditional delegation, and disaster recovery. The
proposal claims: These changes will reduce the overall buyback
yield attributable to all circulating MKR, while offering a new
yield source specific to staked MKR. This should increase stkMKR
effective yield at the expense of unstaked MKR. The proposal is
currently being discussed by the Maker community and will proceed
to more formal voting if it receives positive feedback. Related
Reading | Cake DeFi Launches A $100 Million Investment Arm To
Foster Web3 And Gaming Development At the time of writing, MKR
trades at $182 with a 2.23% profit on the daily chart.
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