MakerDAO’s rebrand to Sky has diehard decentralized finance followers involved, however consultants argue the transfer was crucial for the platform.
On August 27, MakerDAO founder Rune Christensen introduced that the DeFi platform might be referred to as Sky. The protocol’s Dai (DAI) stablecoin might be upgraded to Sky Greenback (USDS) and its governance token, Maker (MKR), will transition to SKY.
One factor fearful DeFi followers; the freeze characteristic that comes with the USDS stablecoin.
“It is much less about centralization and extra about being compliant,” Sean Lee, co-founder and chief technique officer at IDA, instructed crypto.information.
Lee, whose firm can be launching a Hong Kong-regulated stablecoin, mentioned if a stablecoin doesn’t have a freeze operate, it will likely be used for unlawful actions.
“That turns into a really massive downside for anybody hoping that their stablecoin may have the appropriate stage of person adoption, however on the similar time will not be on the radar of regulators.”
Lee added.
The rebrand to Sky with the brand new freeze characteristic may assist USDS achieve ‘world attain’.
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Fewer believes that the centralization of SKY and USDS would rely upon how the tokens are issued, how they’re managed, and the way in which they “work inside protocols.”
In Could, Christensen hinted on the launch of a brand new stablecoin for the MakerDAO ecosystem, now referred to as USDS, and a separate stablecoin that might be totally decentralized, referred to as PureDai. The brand new token might be pegged to the US greenback, however is not going to be completely tied to the DeFi lender.
Reconciling the 2 opposing paths for decentralized stablecoins
From the second Dai began scaling, the corporate spanned two worlds.
One world is the tradition of pure decentralization as launched with Bitcoin. The opposite is the need to meet Dai’s unique objective,…
— Rune (@RuneKek) Could 15, 2024
Nevertheless, PureDai will not be launched anytime quickly, as Christensen mentioned the stablecoin “might be obtainable after just a few years.”
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