As we have previously reported, MakerDAO founder Rune Christensen has already discussed rebranding the DAI stablecoin as part of the platform's Endgame update.
On May 11, Christensen shared a detailed roadmap of the update with the community.
The five-stage update's main objective is for MakerDAO to surpass all other stablecoin projects in terms of size and adoption within the next three years.
“Endgame is a major update to MakerDAO designed to enhance efficiency, resilience, and participation. By applying fine-tuned AI tools to open, scalable processes, Endgame creates a strong governance equilibrium that enables the permissionless growth of SubDAOs and parallelized product development in an emergent, community-driven ecosystem,” - writes Rune.
A beta version that aims to rebrand MakerDAO and DAI will be released to complete the first step of the update.
The DAI stablecoin and the MKR management token won't be altered, per the proposal, but there is a chance that they could be updated to new versions with the working names NewStable and NewGovToken.
“MKR users can upgrade to NewGovToken, or unwrap back to MKR, at a fixed rate of 1:1200 with no fees, instantly and in unlimited quantities,”- the proposal says.
It is anticipated that the current crop of AI tools will be employed in the first stage of the Endgame update. The third stage will also be built around artificial intelligence, which will assist in managing and monitoring operations.
Meanwhile, the next phase of the update will see six SubDAO launched, serving as "decentralized specialized units within MakerDAO". Christensen noted that the SubDAOs are a key Endgame product. The daily challenges of management will be resolved by them, streamlining Maker Governance's work.
“SubDAOs function as born-decentralized, specialized divisions within MakerDAO. They build their own unique governance processes, enabling rapid parallelized growth, specialization and decision making. By delegating day to day complexity to SubDAOs, MakerDAO significantly streamlines the workload and complexity that Maker Governance needs to manage,” - writes Rune.
In the fourth phase of the update, Christensen outlined the launch of management incentives. Interestingly, this included a new, gamified interface for the implementation of management.
This form of governance participation happens through a user-friendly, gamified frontend for easy access, and is comparable to the well understood process of picking a political party in a multi-party democracy (with voting power weighted by token holdings).
The deployment of a new blockchain with the working name NewChain will mark Endgame's conclusion. According to Christensen's proposal, MakerDAO and SubDAO will keep concentrating on the Ethereum and Ethereum L2 ecosystem.
“NewChain will be a blockchain that houses all backend logic for SubDAO tokenomics and MakerDAO governance security. This means that on Ethereum, NewStable and NewGovToken, as well as Dai and MKR, will continue to function as normal, and the only change will be that they will be protected by a governance backend that operates through a secure, state of the art bridge,”- writes Rune.
Through the use of hard forks, control mechanisms will be implemented into the chain to help stop malicious attacks.
“The key feature of NewChain is the ability to use hard forks as a governance mechanism to recover from catastrophic governance disputes where an attacker with majority voting power forces minority token holders to shut down the protocol, or where an attacker abuses the ability to shut down the protocol.”
NewChain will be enhanced with features that, in addition to management, will enable the blockchain to be used "as a backend for AI-assisted DAO governance processes and AI tool users, including smart contract generation, state rent and in-protocol MEV capture,” according to Christensen.
When it comes to the comments on the proposal, it is clear that the MakerDAO community has questions about the security of using artificial intelligence.
Christensen stepped in to reassure users that the AI wouldn't take over the controls and would only serve as a support tool.
We can only wait and see what's next for MakerDAO. As always, we'll be following Endgame's latest developments and keep you updated.