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Rune Christensen, co-founder of the just lately rebranded Maker protocol, has clarified that there will probably be no “freeze perform” added to the challenge’s new USDS stablecoin.
“Really there will probably be no freeze perform at launch, there’ll simply be an improve potential,” Christensen mentioned in an Aug. 27 X submit. With this improve potential, members of the challenge’s governance will be capable to resolve later how new features will probably be applied to guard towards “as many danger components as potential.”
Crypto X Group Raises Centralization Issues
Christensen’s X submit comes after the protocol confronted backlash for a supposed “freeze perform” in its new stablecoin. Some on-line observers additionally began to query the decentralization of the protocol. One X person that goes by the identify “Tunez” requested his 155,000 followers whether or not the perform would “fully defeat the aim of the challenge.”
maker is rebranding to sky
extra importantly, $DAI is rebranding to $USDS and introducing a freeze perform
would not this fully defeat the aim of the challenge? am i lacking one thing right here
— tunez (evm/acc) 🎮 (@cryptunez) August 27, 2024
Cinneamhain Ventures companion Adam Cochran mentioned {that a} freeze perform can be mandatory if the brand new stablecoin is to be backed by US treasuries. “You’re both decentralized and by yourself, otherwise you undertake the treasury departments stick, to get their carrot,” he mentioned.
Maker Rebrands To Sky, Will Launch Two New Tokens In September
Talks of a freeze perform come amid Maker’s rebranding to “Sky” this week. Boasting $7 billion value of property, the protocol will introduce new variations of each its $5 billion DAI stablecoin and its MKR governance token as a part of the rebrand.
A brand new USDS stablecoin and a SKY governance token will probably be added to the upgraded ecosystem, whereas their predecessors will proceed to commerce on the open market. DAI holders will be capable to trade their tokens 1:1 for USDS. In the meantime, every MKR token could be swapped for 28,000 SKY tokens.
Present DAI and MKR holders will even be capable to voluntarily select to maintain the outdated tokens or swap them out for the brand new USDS and SKY tokens, which will probably be launched on Sept. 15.
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