↓ DAI Coin Under Goes Major Overhaul: Trading Platforms, Damage Control, and Future Outlook
DAI , a popular stablecoin in the crypto market, has recently undergone major changes, as its parent protocol MakerDAO rebranded to Sky . This...
The previously renowned Ethereum giants, MakerDAO and DAI, are now part of the Solana ecosystem. Rebranded as Sky, this move resulted in the successful growth of DAI's stablecoin, pushing it to $490m in mere five days. Unfortunately, the space faced a major setback in the form of a $55m DAI stablecoin phishing attack. In the midst of the overhaul and rebranding, the Ethereum Foundation swapped 100 ETH for 334k DAI, leading to questions about a possible fall in ETH price.
Meanwhile, controversy brews within the Maker community regarding possible stablecoin options following the rebranding and change of DAI to USDS. This saw Sky drawing criticism from the DeFi community due to debatable changes in the stablecoin. Despite the backlash over changes, Maker unveiled a plan to convert 1 MKR Token into 24,000 NGT Tokens. Experts speculate that this change increases DAI's susceptibility to external risks significantly.
Rebranding and stablecoin transformation aside, there are concerns in the MakerDAO community over the re-implementation of a 'freeze function', hinting at a potential centralization precipice. However, the founder Rune Christensen assures the community that DAI will continue as normal despite the addition of the freeze function. He also revealed that a decentralized 'PureDai' will launch in the next few years.
MakerDAO's vision of being compliant rather than centralized resonated as they decided to delist USDT and 5 other stablecoins citing MiCA regulations. Amid this conflict, the opportunity for partnerships for Sky are brewing with Aave amidst the volatile crypto marketplace despite controversy over MakerDAO's USDe move. Lastly, DAI recorded a staggering $240B in on-chain transaction volume last week.
DAI Coin News Analytics from Wed, 31 Jan 2024 08:00:00 GMT to Tue, 19 Nov 2024 19:33:11 GMT - Rating 6 - Innovation 7 - Information 9 - Rumor -4
