Rune Christensen, co-founder of the not too long ago renewed model Maker protocol, has clarified that no “freeze operate” can be added to the venture’s new USDS stablecoin.
“Mainly there will not be a freeze characteristic at launch, there’ll solely be an improve possibility,” Christensen stated in an August 27 X. after. This improve possibility will enable venture board members to later determine how new options can be applied to guard in opposition to “as many threat components as doable.”
Crypto X Neighborhood Raises Considerations About Centralization
Christensen’s X-post comes after the protocol confronted backlash over a so-called “freeze characteristic” in its new stablecoin. Some on-line observers additionally started to query the protocol’s decentralization. One
maker modifications title to sky
Extra importantly, $DAI is altering its model title to $USDS and introducing a freeze characteristic
Is not this utterly in opposition to the aim of the venture? Am I lacking one thing right here?
— tunez (evm/acc)
(@cryptunez) August 27, 2024
Cinneamhain Ventures Accomplice Adam Cochran stated {that a} freeze operate could be obligatory if the brand new stablecoin is to be backed by US authorities bonds. “You’re both decentralized and by yourself, otherwise you take the stick from the finance ministries and seize their carrot,” he stated.
Maker rebrands to Sky and launches two new tokens in September
Talks of a freeze characteristic floor this week throughout Maker’s rebrand to “Sky.” With $7 billion in property, the protocol will introduce new variations of each of its $5 billion DAI steady forex and its MKR governance token as a part of the rebrand.
A brand new USDS stablecoin and a SKY governance token can be added to the upgraded ecosystem, whereas their predecessors will proceed to commerce on the open market. DAI holders can alternate their tokens 1:1 for USDS. In the meantime, every MKR token could be exchanged for 28,000 SKY tokens.
Present DAI and MKR holders also can voluntarily select to maintain the outdated tokens or alternate them for the brand new USDS and SKY tokens, launching on September 15.