MakerDAO’s rebranding to Sky has diehard decentralized finance followers nervous, however skilled claims the transfer was needed for the platform.
On Aug. 27, MakerDAO founder Rune Christensen introduced that the DeFi platform will rebrand as Sky. The protocol’s Dai (DAI) stablecoin shall be upgraded to Sky Greenback (USDS) and its governance token, Maker (MKR), will transition to SKY.
One factor made DeFi followers nervous; the freeze perform that comes with the USDS stablecoin.
“It’s much less about centralization and extra about being compliant,” Sean Lee, co-founder and chief technique officer at IDA, informed crypto.information.
Lee, whose firm can be launching a Hong Kong-regulated stablecoin, says that if a stablecoin doesn’t have a freeze perform, it will likely be used for unlawful actions.
“That turns into a really large deal for anybody that’s hoping for his or her stablecoin to have the best degree of adoption from the consumer, however on the identical time not be on the radar of regulators.”
Lee added.
The rebranding to Sky with the brand new freeze perform might assist USDS have a “international attain.”
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Much less believes that the centralization of SKY and USDS would rely upon how the tokens are issued, how they’re managed, and the best way they “work inside protocols.”
In Might, Christensen hinted at launching a brand new stablecoin for the MakerDAO ecosystem, which is now USDS, and a separate stablecoin that shall be totally decentralized, known as PureDai. The brand new token shall be pegged to the US greenback, however is not going to be completely linked to the DeFi lender.
Reconciling the 2 opposing paths for Decentralized Stablecoins
From the second Dai began scaling, it has been straddling two worlds.
One world is the tradition of pure decentralization as launched with Bitcoin. The opposite is the will to meet the unique objective of Dai,…
— Rune (@RuneKek) Might 15, 2024
Nonetheless, PureDai is to not be launched anytime quickly as Christensen mentioned the stablecoin “shall be out there after a couple of years.”
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