HomeNFT'sCo-Founder Rune Christensen from Maker Addresses Gossip About "Freeze Function" Prior To...

Co-Founder Rune Christensen from Maker Addresses Gossip About “Freeze Function” Prior To Launch of USDS

-


Join Our Telegram channel to stay up to date on breaking news coverage

Rune Christensen, co-founder of the recently rebranded Maker protocol, has clarified that there will be no “freeze function” added to the project’s new USDS stablecoin.

“Actually there will be no freeze function at launch, there will just be an upgrade ability,” Christensen said in an Aug. 27 X post. With this upgrade ability, members of the project’s governance will be able to decide later how new functions will be implemented to protect against “as many risk factors as possible.”

MakerDAO Rebrands to Sky: New Tokens USDS and SKY Unveiled in Major Overhaul - Crypto Economy

Crypto X Community Raises Centralization Concerns

Christensen’s X post comes after the protocol faced backlash for a supposed “freeze function” in its new stablecoin. Some online observers also started to question the decentralization of the protocol. One X user that goes by the name “Tunez” asked his 155,000 followers whether the function would “completely defeat the purpose of the project.”

Cinneamhain Ventures partner Adam Cochran said that a freeze function would be necessary if the new stablecoin is to be backed by US treasuries. “You’re either decentralized and on your own, or you adopt the treasury departments stick, to get their carrot,” he said.

Maker Rebrands To Sky, Will Launch Two New Tokens In September

Talks of a freeze function come amid Maker’s rebranding to “Sky” this week. Boasting $7 billion worth of assets, the protocol will introduce new versions of both its $5 billion DAI stablecoin and its MKR governance token as part of the rebrand. 

A new USDS stablecoin and a SKY governance token will be added to the upgraded ecosystem, while their predecessors will continue to trade on the open market. DAI holders will be able to exchange their tokens 1:1 for USDS. Meanwhile, each MKR token can be swapped for 28,000 SKY tokens. 

Current DAI and MKR holders will also be able to voluntarily choose to keep the old tokens or swap them out for the new USDS and SKY tokens, which will be launched on Sept. 15.

.Related Articles:

PlayDoge (PLAY) – Newest ICO On BNB Chain

PlayDogePlayDoge
  • 2D Virtual Doge Pet
  • Play To Earn Meme Coin Fusion
  • Staking & In-Game Token Rewards
  • SolidProof Audited – playdoge.io

PlayDogePlayDoge


Join Our Telegram channel to stay up to date on breaking news coverage



LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Bitcoin Poised For $92,000 ‘Rally’ In 3 Months: Analyst

Este artículo también está disponible en español. Bitcoin (BTC) appears to be bouncing off its summer slumber, say analysts who believe the asset could rebound...

5 Top Affordable Cryptocurrencies for Investment Below 1 Dollar as of September 15 – Sei, TRON, Trust Wallet Token

Join Our Telegram channel to stay up to date on breaking news coverage An analysis of Terra Luna Classic (LUNC) indicates a potentially favorable risk-reward...

Artificial Superintelligence Alliance (FET) Emerges as Preferred Choice in the Market but Falls Short of Millionaire Meme Creator Mpeppe

Este artículo también está disponible en español. In the rapidly evolving world of cryptocurrencies, artificial intelligence (AI) has become one of the most promising sectors....

Top Cryptocurrencies to Consider for Investments Today – Elixir, Pillars, Essence

Join Our Telegram channel to stay up to date on breaking news coverage Bitcoin recently saw a 15.31% rebound, pushing its price back into the...

Most Popular