Maker Co-Founder Rune Christensen Clarifies ‘Freeze Feature’ Rumors Ahead of USDS Launch

Rune Christensen, co-founder of the recently rebranded company maker The protocol states that no “freeze feature” will be added to the project’s new USDS stablecoin.

“There will actually be no freeze at launch, only upgrade functionality,” Christensen said on X on August 27. mail. This upgrade feature allows project governance members to decide how to implement new features later to protect against “as many risks as possible.”

Crypto X Community Raises Centralization Issues

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

Maker rebrands to Sky

More importantly, $Die We are rebranding $US Dollar And introduces the 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, Cinneamhain Ventures Said If a new stablecoin wants to get support from the U.S. Treasury, it would need to have a freeze function, he said. “It either has to be decentralized and run itself, or it has to adopt the Treasury stick and get the carrot.”

Maker Rebrands to Sky, Launches Two New Tokens in September

Talk of a freeze feature comes as Maker rebrands to “Sky” this week. The protocol, which boasts $7 billion in assets, is set to introduce a new version of its $5 billion DAI. Stablecoin And as part of the rebrand, the MKR governance token has been added.

The new USDS stablecoin and SKY governance token will be added to the upgraded ecosystem, while the previous tokens will continue to be traded on the open market. DAI holders can exchange their tokens 1:1 to USDS. Meanwhile, each MKR token can be exchanged for 28,000 SKY tokens.

Anyone who currently holds DAI and MKR can either keep their existing tokens or exchange them for the new USDS and SKY tokens that will be released on September 15th.

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