The co-founder of decentralized finance (DeFi) platform Maker (MKR) says that the rebrand of its stablecoin can have a freeze operate 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 won’t characteristic a freeze operate – or a mechanism that stops the motion of tokens – after rumors swirled that it could.
In line with Christensen, the addition of a freeze operate to the rebranded stablecoin won’t be rapid and should be one thing hashed out and accredited by the protocol’s DAO (decentralized autonomous group).
“There shall be no freeze operate at launch, there’ll simply be an upgradeability. So later governance can resolve the best way to implement one thing like a freeze operate primarily based on contemplating all knowledge and discover one thing that protects towards as many danger components as attainable.”
Christensen goes on to notice that upgrading from DAI to the Sky Greenback (USDS) shall be optionally available.
“DAI will proceed to operate simply as earlier than, and may nonetheless be used. Upgrading to USDS is optionally available, and it is just USDS that can have a freeze operate. 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 enable traders to commerce of their DAI at a 1:1 ratio for USDS whereas the MKR token will 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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