Karak Network Bolsters Re-staking on MakerDAO's MKR and NGT

IconCryptoNewsTerminal Staff23 Jul, 2024

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Karak Network Bolsters Re-staking on MakerDAO's MKR and NGT

Karak Network, a blockchain universal security layer, announced its support for re-staking of MakerDAO (MKR) and its new governance token (NGT) on May 24th. This move aims to enhance the ecosystem and provide rewards to stakers. Karak's platform allows users to stake MKR to earn XP (experience points). The staked MKR is utilized to secure and decentralize various decentralized security services (DSS). MKR holders can further earn rewards by re-staking these staked tokens. Similarly, NGT re-staking contributes to its long-term activation. Notably, the MKR re-staking scale is designed with an extensible modular approach. After NGT launches, MKR tokens are expected to be automatically upgraded to NGT. The move follows MakerDAO co-founder Rune Christensen's earlier announcement of NGT. By supporting re-staking of these tokens, Karak Network aims to enhance the overall ecosystem and provide incentives for participation.

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