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Rune Christensen, co-founder of the lately rebranded Maker protocol, has clarified that there might be no “freeze perform” added to the undertaking’s new USDS stablecoin.
“Really there might be no freeze perform at launch, there’ll simply be an improve potential,” Christensen stated in an Aug. 27 X submit. With this improve potential, members of the undertaking’s governance will have the ability to determine later how new capabilities might be applied to guard in opposition to “as many danger elements as potential.”
Crypto X Neighborhood 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 “utterly defeat the aim of the undertaking.”
maker is rebranding to sky
extra importantly, $DAI is rebranding to $USDS and introducing a freeze perform
does not this utterly defeat the aim of the undertaking? am i lacking one thing right here
— tunez (evm/acc) 🎮 (@cryptunez) August 27, 2024
Cinneamhain Ventures companion Adam Cochran stated {that a} freeze perform can be vital 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 stated.
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 price of belongings, 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 might be added to the upgraded ecosystem, whereas their predecessors will proceed to commerce on the open market. DAI holders will have the ability to change their tokens 1:1 for USDS. In the meantime, every MKR token may be swapped for 28,000 SKY tokens.
Present DAI and MKR holders may even have the ability to voluntarily select to maintain the outdated tokens or swap them out for the brand new USDS and SKY tokens, which might be launched on Sept. 15.
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