MakerDAO Co-Founder Says Stablecoin Rebrand Will Have Freeze Function, But DAI Will Continue As Normal
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 characteristic a freeze perform – or a mechanism that stops the motion of tokens – after rumors swirled that it will.
In response to Christensen, the addition of a freeze perform to the rebranded stablecoin is not going to be rapid and should be one thing hashed out and accepted by the protocol’s DAO (decentralized autonomous group).
“There will be no freeze function at launch, there will just be an upgradeability. So later governance can decide how to implement something like a freeze function based on considering all data and find something that protects against as many risk factors as possible.”
Christensen goes on to note that upgrading from DAI to the Sky Greenback (USDS) shall be non-compulsory.
“DAI will continue to function just as before, and can still be used. Upgrading to USDS is optional, and it is only USDS that will have a freeze function. DAI is an immutable smart contract and cannot be altered.”
Earlier this week, MakerDAO announced 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 last 24 hours.
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