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Rune Christensen, co-founder of the recently renamed company Manufacturer The protocol clarified that no “freeze feature” will be added to the project’s new USDS stablecoin.
“There actually won’t be a freeze feature at launch, there will just be an upgrade capability,” Christensen said in an Aug. 27 press release. jobWith this upgrade capability, project governance members will be able to decide later how new features will be implemented to protect against “as many risk factors as possible.”
Crypto X Community Expresses Concerns Over Centralization
Christensen’s post on X comes after the protocol faced backlash over a supposed “freeze feature” in its new stablecoin. Some online observers have also begun to question the protocol’s decentralization. One X user known as “Tunez” asked his 155,000 followers if the feature would “completely defeat the purpose of the project.”
Manufacturer changes name to Sky
more importantly, $DAI is rebranding to $USD and the introduction of a freeze function
Doesn’t this completely defeat the purpose of the project? Am I missing something here?
— tunez (evm/acc) 🎮 (@cryptunez) August 27, 2024
Adam Cochran, Partner at Cinneamhain Ventures said that a freeze function would be necessary if the new stablecoin were to be backed by U.S. Treasuries. “Either you’re decentralized and on your own, or you’re adopting the Treasury Department’s stick to get their carrot,” he said.
Maker rebrands to Sky, launches two new tokens in September
Talk of a freeze feature comes as Maker rebranded to “Sky” this week. With $7 billion in assets, the protocol will introduce new versions of its $5 billion DAI Stable Coin and its MKR governance token as part of the rebranding.
A new USDS stablecoin and SKY governance token will be added to the upgraded ecosystem, while their predecessors will continue to be traded on the open market. DAI holders will be able to exchange their tokens 1:1 for USDS. In the meantime, each MKR token can be exchanged for 28,000 SKY tokens.
Current DAI and MKR holders will also be able to voluntarily choose to hold the old tokens or exchange them for the new USDS and SKY tokens, which will launch on September 15.
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