MakerDAO will offer an optional MKR conversion for the new governance token NGT

Crypto lending platform MakerDAO will allow MKR holders to convert their tokens into newly issued NewGovToken (NGT) tokens, CoinDesk reports. Holders will be able to exchange 1 MKR token for 24,000 NGT tokens, which MakerDAO hopes will increase governance participation as users will hold a larger number of NGT tokens.

In addition to the launch of NGT, MakerDAO also announced NewStable (NST), a new stablecoin that will be tied to DAI 1:1. Both DAI and MKR will remain available and conversion will be optional.