The co-founder of decentralized finance (DeFi) platform Maker (MKR) says that the rebrand of its stablecoin may have a freeze perform however that DAI will proceed to function usually.
In a brand new thread on the social media platform X, MakerDAO creator Rune Christensen says that DAI itself is not going to function a freeze perform – or a mechanism that stops the motion of tokens – after rumors swirled that it could.
Based on Christensen, the addition of a freeze perform to the rebranded stablecoin is not going to be rapid and must be one thing hashed out and authorised by the protocol’s DAO (decentralized autonomous group).
“There will likely be no freeze perform at launch, there’ll simply be an upgradeability. So later governance can determine easy methods to implement one thing like a freeze perform primarily based on contemplating all knowledge and discover one thing that protects in opposition to as many danger elements as doable.”
Christensen goes on to notice that upgrading from DAI to the Sky Greenback (USDS) will likely be elective.
“DAI will proceed to perform simply as earlier than, and may nonetheless be used. Upgrading to USDS is elective, and it is just USDS that can have a freeze perform. DAI is an immutable good contract and can’t be altered.”
Earlier this week, MakerDAO introduced it was rebranding to the Sky (SKY) and can permit buyers to commerce of their DAI at a 1:1 ratio for USDS whereas the MKR token may be upgraded to 24,000 SKY.
MKR is buying and selling for $1,815 at time of writing, a 16% lower over the past 24 hours.
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