Co-Founder of Manufacturer Rune Christensen Denies Rumors of ‘Freeze Function’ Ahead of USDS Launch

Ron Christensen, co-founder of the recently rebranded company maker The protocol clarified that the “freeze function” will not be added to the project’s new USDS stablecoin.

“There will actually be no freeze function at launch, there will just be an upgrade capability,” Christensen said in an interview with X on August 27. mailWith this upgrade capability, project management members will be able to decide later on how to implement new functionality to protect against “as many risk factors as possible.”

Crypto X Community Raises Concerns Over Centralization

Christensen’s post on X comes after the protocol faced backlash over an alleged “freeze function” 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 if the feature would “completely defeat the purpose of the project.”

Maker rebrands to the sky

Most importantly, Day Rebrand to US Dollar And provide the freezing function

Doesn’t this completely defeat the purpose of the project? Am I missing something here?

— tunez (evm/acc) 🎮 (@cryptunez) August 27, 2024

Adam Cochrane, Partner, Cinneamhain Ventures He said He said the freeze function would be necessary if the new stablecoin is to be backed by US Treasuries. “Either you’re going to be decentralized and rely on yourself, or you’re going to take the stick of the Treasury and get their carrot,” he said.

Maker rebrands to Sky, launches two new icons in September

Talks of a freeze feature come amid Maker’s rebranding to “Sky” this week. The protocol holds $7 billion in assets and will offer new issuances of $5 billion worth of DAI each stable currency and its MKR governance token as part of the rebrand.

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

Existing DAI and MKR holders will also be able to choose to voluntarily hold onto their old tokens or swap them for the new USDS and SKY tokens, which will launch on September 15.

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