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 could.
In line with 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 might be no freeze operate at launch, there’ll simply be an upgradeability. So later governance can determine how one can implement one thing like a freeze operate based mostly on contemplating all knowledge and discover one thing that protects towards as many threat elements as potential.”
Christensen goes on to notice that upgrading from DAI to the Sky Greenback (USDS) might be non-compulsory.
“DAI will proceed to operate simply as earlier than, and might nonetheless be used. Upgrading to USDS is non-compulsory, 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 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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