Gnosis x MakerDAO Partnership (GIP 49) Gnosis

Voting has started on a major token swap between GnosisDAO and MakerDAO.


Credit: Bywire News, Canva
Credit: Bywire News, Canva
Bywire - Claim your free account nowBywire - Claim your free account now

LONDON (Bywire News) - Voting has commenced on a proposal for a partnership and token swap between MakerDAO and Gnosis X. Under the proposals, GnosisDAO, which provides market mechanisms for decentralised finance, will join forces with MakerDAO – creators of stable coin Dai. The partnership will include promotion efforts including social media communication, technical article authoring, brand awareness, and more in order to increase user adoption and improve positioning in the ecosystem.

The deal will see a GNO-MKR token swap of around $70m vested over two years proposed to MakerDAO. Gnosis will look at using an institutional MakerDAO vault with the Gnosis DAO treasury to mint 100m DAI using GNO and stETH to fund Gnosis Chain development. 

Gnosis will also rebrand xDAI, the native chain of Gnosis’ native token to DAI. Gnosis will increase GNO incentives for DAI pairs on the Gnosis Chain. Gnosis will periodically purchase MKR in the open market using GnosisDAO’s treasury farming rewards.

The vote will end on June 21st. 

(Writing by Tom Cropper, editing by Klaudia Fior)

Bywire will email you from time to time with news digests, stories & opportunities to get involved. Privacy

Bywire - Claim your free account nowBywire - Claim your free account now