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Rune Christensen, co-founder of the lately rebranded Maker protocol, has clarified that there shall be no “freeze operate” added to the mission’s new USDS stablecoin.
“Truly there shall be no freeze operate at launch, there’ll simply be an improve skill,” Christensen stated in an Aug. 27 X publish. With this improve skill, members of the mission’s governance will have the ability to resolve later how new capabilities shall be applied to guard towards “as many threat components as attainable.”
Crypto X Group Raises Centralization Considerations
Christensen’s X publish comes after the protocol confronted backlash for a supposed “freeze operate” in its new stablecoin. Some on-line observers additionally began to query the decentralization of the protocol. One X person that goes by the title “Tunez” requested his 155,000 followers whether or not the operate would “fully defeat the aim of the mission.”
maker is rebranding to sky
extra importantly, $DAI is rebranding to $USDS and introducing a freeze operate
does not this fully defeat the aim of the mission? am i lacking one thing right here
— tunez (evm/acc) 🎮 (@cryptunez) August 27, 2024
Cinneamhain Ventures companion Adam Cochran stated {that a} freeze operate can be essential 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 operate 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 shall be added to the upgraded ecosystem, whereas their predecessors will proceed to commerce on the open market. DAI holders will have the ability to trade their tokens 1:1 for USDS. In the meantime, every MKR token will be swapped for 28,000 SKY tokens.
Present DAI and MKR holders will even have the ability to voluntarily select to maintain the outdated tokens or swap them out for the brand new USDS and SKY tokens, which shall be launched on Sept. 15.
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