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 won’t function a freeze operate – or a mechanism that stops the motion of tokens – after rumors swirled that it might.
In accordance with Christensen, the addition of a freeze operate to the rebranded stablecoin won’t be rapid and should be one thing hashed out and authorized by the protocol’s DAO (decentralized autonomous group).
“There will likely be no freeze operate at launch, there’ll simply be an upgradeability. So later governance can resolve learn how to implement one thing like a freeze operate primarily based on contemplating all information and discover one thing that protects towards as many threat elements as potential.”
Christensen goes on to note that upgrading from DAI to the Sky Greenback (USDS) will likely be elective.
“DAI will proceed to operate simply as earlier than, and may nonetheless be used. Upgrading to USDS is elective, and it’s only USDS that can 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 last 24 hours.
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