Maker Co-Founder Rune Christensen Dispels “Freeze Function” Rumors Ahead Of USDS Launch

Rune Christensen, co-founder of the just lately rebranded Maker protocol, has clarified that there can be no “freeze operate” added to the undertaking’s new USDS stablecoin.

“Really there can be no freeze operate at launch, there’ll simply be an improve potential,” Christensen stated in an Aug. 27 X publish. With this improve potential, members of the undertaking’s governance will have the ability to resolve later how new capabilities can be applied to guard in opposition to “as many danger elements as potential.”

Crypto X Group Raises Centralization Issues

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 identify “Tunez” requested his 155,000 followers whether or not the operate would “utterly defeat the aim of the undertaking.”

maker is rebranding to sky

extra importantly, $DAI is rebranding to $USDS and introducing a freeze operate

would 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 operate 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 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 price 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 can 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 will even have the ability to voluntarily select to maintain the previous tokens or swap them out for the brand new USDS and SKY tokens, which can be launched on Sept. 15.

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