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 might.
In accordance with 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 authorised by the protocol’s DAO (decentralized autonomous group).
“There shall be no freeze perform at launch, there’ll simply be an upgradeability. So later governance can determine methods to implement one thing like a freeze perform based mostly on contemplating all information and discover one thing that protects in opposition to as many danger elements as attainable.”
Christensen goes on to notice that upgrading from DAI to the Sky Greenback (USDS) shall be elective.
“DAI will proceed to perform simply as earlier than, and may nonetheless be used. Upgrading to USDS is elective, and it’s only 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 enable buyers to commerce of their DAI at a 1:1 ratio for USDS whereas the MKR token might 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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