{"id":486076,"date":"2022-03-15T22:00:46","date_gmt":"2022-03-15T22:00:46","guid":{"rendered":"https:\/\/wncen.com\/?p=486076"},"modified":"2022-03-15T21:04:13","modified_gmt":"2022-03-15T21:04:13","slug":"makerdao-could-replace-governance-token-will-it-provide-enhanced-incentives","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/defi\/makerdao-could-replace-governance-token-will-it-provide-enhanced-incentives\/","title":{"rendered":"MakerDAO Could Replace Governance Token, Will It Provide Enhanced Incentives?"},"content":{"rendered":"

According to a post<\/a> 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\u2019s tokenomics.<\/p>\n

Related Reading | Will Ethereum Give In To Bears?<\/a><\/strong><\/p>\n

New MKR tokenomics could supplement and improve on previous benefits and incentives. The proposal emphasized that stkMKR will preserve MKR\u2019s 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.<\/p>\n

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:<\/p>\n

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).<\/p><\/blockquote>\n

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 \u201cproviding excess value\u201d.<\/p>\n

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:<\/p>\n

Withdrawing from stkMKR requires waiting through a pre-set unbonding period, which improves protocol resilience and governance security (similar to Cosmos and stkAAVE).<\/p><\/blockquote>\n

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 \u201csmooth out yield volatility\u201d and support Maker in difficult times, as seen below.<\/p>\n

\"MakerDAO
Source: MakerDAO Forum<\/figcaption><\/figure>\n

MakerDAO And The New Tokenomics<\/h2>\n

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.<\/p>\n

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\u2019s value with \u201cconcrete APR figures and supply restriction\u201d and increase protection against volatile periods in the market while preventing credit losses.<\/p>\n

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:<\/p>\n

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.<\/p><\/blockquote>\n

The proposal is currently being discussed by the Maker community and will proceed to more formal voting if it receives positive feedback.<\/p>\n

Related Reading | Cake DeFi Launches A $100 Million Investment Arm To Foster Web3 And Gaming Development<\/a>
\n<\/strong><\/p>\n

At the time of writing, MKR trades at $182 with a 2.23% profit on the daily chart.<\/p>\n

\"MakerDAO
MKR trends to the downside on the daily chart. Source: MKRUSDT Tradingview<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

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\u2019s 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\u2019s 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 \u201cproviding excess value\u201d. 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 \u201csmooth out yield volatility\u201d 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\u2019s value with \u201cconcrete APR figures and supply restriction\u201d 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.<\/p>\n","protected":false},"author":535,"featured_media":486077,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[12532,16359,79658],"class_list":["post-486076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-makerdao","tag-mkr","tag-mkrusdt"],"acf":[],"yoast_head":"\nMaker Could Replace Governance Token, Enhanced Incentives?<\/title>\n<meta name=\"description\" content=\"According to the MakerDAO Forum, the financial service protocol could replace its governance token MKR with a new token called stkMKR.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"MakerDAO Could Replace Governance Token, Will It Provide Enhanced Incentives?","url":"http:\/\/wncen.com\/news\/defi\/makerdao-could-replace-governance-token-will-it-provide-enhanced-incentives\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/defi\/makerdao-could-replace-governance-token-will-it-provide-enhanced-incentives\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/MakerDAO-MKR-MKRUSDT.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/MakerDAO-MKR-MKRUSDT.jpg?fit=882%2C564"},"articleSection":"DeFi","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["makerdao","mkr","mkrusdt"],"dateCreated":"2022-03-15T22:00:46Z","datePublished":"2022-03-15T22:00:46Z","dateModified":"2022-03-15T22:00:46Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"MakerDAO Could Replace Governance Token, Will It Provide Enhanced Incentives?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/defi\\\/makerdao-could-replace-governance-token-will-it-provide-enhanced-incentives\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/defi\\\/makerdao-could-replace-governance-token-will-it-provide-enhanced-incentives\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/MakerDAO-MKR-MKRUSDT.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/MakerDAO-MKR-MKRUSDT.jpg?fit=882%2C564\"},\"articleSection\":\"DeFi\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"makerdao\",\"mkr\",\"mkrusdt\"],\"dateCreated\":\"2022-03-15T22:00:46Z\",\"datePublished\":\"2022-03-15T22:00:46Z\",\"dateModified\":\"2022-03-15T22:00:46Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/MakerDAO-MKR-MKRUSDT.jpg?fit=882%2C564","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/486076","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=486076"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/486076\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/486077"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=486076"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=486076"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=486076"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}