The co-founder of decentralized finance (DeFi) platform Maker (MKR) says that the rebrand of its stablecoin could 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 is not going to characteristic a freeze operate – or a mechanism that stops the motion of tokens – after rumors swirled that it might.
Based on Christensen, the addition of a freeze operate to the rebranded stablecoin is not going to be quick and must be one thing hashed out and authorized 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 tips on how to implement one thing like a freeze operate based mostly on contemplating all knowledge and discover one thing that protects in opposition to as many danger elements as potential.”
Christensen goes on to note 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’s only USDS that may have a freeze operate. DAI is an immutable sensible contract and can’t be altered.”
Earlier this week, MakerDAO announced it was rebranding to the Sky (SKY) and can permit buyers 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 past 24 hours.
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