The Future of DeFi: Inside MakerDAO’s “Endgame” and the SparkDAO Farming Opportunity
Why Is DeFi Heating Up Again While NFTs Cool Down?
After a long NFT frenzy, the spotlight in crypto has quietly shifted back to DeFi.
New financial primitives—especially LSD (Liquid Staking Derivatives)—have reignited investor excitement.
These LSD products reward users with real, on-chain yield generated from Ethereum validators. For the first time since 2020’s DeFi Summer, investors are calling this “Real Yield”—income that actually comes from network fees and staking, not from printed tokens.
And right in the middle of this renewed momentum, MakerDAO, the oldest and most respected protocol in DeFi, dropped a bombshell.
Founder Rune Christensen unveiled a master plan titled “Endgame”—a long-term strategy to completely redesign Maker’s ecosystem and potentially redefine DeFi’s next decade.
MakerDAO, founded in 2017, is the creator of DAI, a decentralized stablecoin backed by on-chain collateral like ETH and RWAs (real-world assets). DAI remains one of the most integrated assets across the DeFi universe—from Aave to Curve to Uniswap.
The “Endgame” is Maker’s next evolution—a transformation from a single protocol into a full financial ecosystem.
What Exactly Is MakerDAO’s “Endgame”?
Rune’s “Endgame” proposal, published in mid-2023, is not a minor upgrade—it’s a complete system overhaul.
His vision: turn Maker into a self-sustaining decentralized central bank, capable of influencing the DeFi economy much like how the U.S. Federal Reserve influences global markets.
Two pillars define the Endgame plan:
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Building a community-driven ecosystem through SubDAOs
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Launching a new multi-token model to coordinate incentives and governance
Essentially, Maker will evolve into a layered structure of autonomous DAOs, each operating semi-independently but connected through shared rules, funding, and governance oversight.
The New Architecture — MakerDAO as a “DeFi Central Bank”
Under the Endgame design, Maker transitions from being a “DAI minting machine” into a central governance hub overseeing a family of SubDAOs.
Each SubDAO will focus on a specific function—lending, RWA management, AI tooling, or community expansion.
To maintain order, two meta-DAOs will coordinate them:
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Facilitator DAOs – act like the “judiciary,” setting compliance standards, governance frameworks, and dispute resolution.
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Orchestrator DAOs – act like the “executive branch,” driving partnerships, marketing, and external funding.
Think of it this way:
MakerDAO = Central Bank → SubDAOs = Commercial Banks → End Users = DeFi Citizens.
The initial rollout includes six SubDAOs (2 Facilitators + 4 Orchestrators). Each will later issue its own tokens, run incentive programs, and eventually operate semi-autonomously.
Meet the New Token Trio — NGT, NSP, and SubDAO Tokens
To power this new multi-layer economy, Maker introduces three interconnected tokens:
1. New Governance Token (NGT)
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Minted using MKR as collateral: 1 MKR = 12,000 NGT.
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MKR will be locked permanently, reducing its circulating supply.
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NGT holders earn 30% of SubDAO profits, paid in a new stablecoin called NSP.
2. New Stablecoin (NSP)
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Minted by staking DAI.
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NSP holders can “farm” NGT through staking—creating a circular reward loop.
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NSP acts as the reward medium within Maker’s ecosystem.
3. SubDAO Tokens
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Each SubDAO can issue its own governance/incentive token for community growth.
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These tokens are designed to avoid diluting value across Maker’s broader ecosystem by linking yield back to NGT and NSP.
Together, NGT → NSP → SubDAO tokens form a closed reward loop, ensuring Maker’s economy remains sustainable and less inflationary than past DeFi models.
Why SparkDAO Is the Hidden Gem of the Endgame
Among the first six SubDAOs, the one drawing the most attention is SparkDAO.
Spark is essentially an Aave fork, fine-tuned to interact seamlessly with Maker’s DAI liquidity engine.
Here’s why it matters:
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Spark borrows DAI from Maker at ultra-low interest rates.
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It re-lends that DAI through its own platform to generate higher yields.
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The result: SparkDAO’s TVL (Total Value Locked) has exploded in recent months.
Spark hasn’t launched its governance token yet—but insiders expect a token generation event (TGE) in the coming months.
Early users can potentially farm Spark tokens during the “Genesis Farming Event”, which will likely reward:
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Liquidity providers (LPs)
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NGT or NSP stakers
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Early protocol users lending/borrowing DAI or ETH
Why you should care
Participating early in Spark’s liquidity pools could yield pre-TGE rewards similar to early-Aave or early-Compound farming opportunities in 2020.
Action point:
Track SparkDAO’s official governance forum, Discord, and DAI vault integrations for announcements of the Genesis Farming Event. Timing will be key.
AI and Chain Independence — MakerDAO’s Future Vision
Later stages of the Endgame roadmap (Phases 3–5) introduce AI integration and chain independence.
Phase 3 – AI-Assisted Governance
AI tools will break down language barriers in Maker’s voting system.
For example, a Korean community member could submit a governance proposal in Korean, and AI would automatically translate it into clear, natural English for global voting.
This allows for truly global, multilingual participation—a first in DeFi governance.
Phase 5 – Maker’s Own Blockchain
MakerDAO plans to migrate from Ethereum to a dedicated chain for:
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Enhanced governance security (preventing governance attacks)
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Network resilience and scalability
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On-chain enforcement of decisions (via fork-based reversals)
However, Rune has warned that this chain could geo-restrict U.S. IPs and VPN users, potentially due to regulatory risk.
In parallel, Maker is expanding its RWA (Real World Asset) portfolio—buying U.S. Treasuries and using them as yield-bearing collateral for DAI.
The goal: grow DAI’s supply to over $75–100 billion, combining traditional yield (RWAs) with on-chain liquidity (SubDAOs).
How to Position Yourself as an Investor
| Opportunity | How to Get Exposure | Why It Matters |
|---|---|---|
| NGT (New Governance Token) | Lock MKR or accumulate early via governance participation | Future core token of Maker’s new economy |
| NSP (New Stablecoin) | Stake DAI once available; earn NGT yield | Provides access to Maker’s internal yield loop |
| SparkDAO Token (TBA) | Provide DAI/ETH liquidity, join Genesis farming | Early yield opportunity + alignment with Maker’s first SubDAO |
| RWA Integration | Watch Maker’s vault allocations (U.S. Treasuries, bonds) | Sets a precedent for tokenized real-world assets in DeFi |
MakerDAO’s Long-Term Playbook
MakerDAO’s Endgame is more than a rebrand—it’s a full-scale economic experiment:
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RWA growth → anchors DAI to real yield
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SubDAO network → decentralizes governance and expansion
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AI & chain independence → defends against governance capture
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New token system (NGT/NSP) → creates a self-reinforcing incentive loop
In essence, Maker is building the “Federal Reserve of DeFi”, complete with local banks (SubDAOs) and a currency (DAI) that’s both crypto-native and yield-bearing.
Quick Takeaways
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The DeFi narrative is shifting from speculative farming to sustainable yield and RWA integration.
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MakerDAO’s Endgame introduces a blueprint for the next generation of DAO economies.
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SparkDAO is the most actionable opportunity right now—watch its liquidity pools and farming events.
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Long term, Maker’s independent chain and AI governance could set a new standard for how DAOs evolve.