DAI, a popular stablecoin in the crypto market, has recently undergone major changes, as its parent protocol
MakerDAO rebranded to
Sky. This shift includes plans to replace
DAI with
USDS - Sky's newly introduced stablecoin. However, the
rebranding hasn't been without controversy, generating much discussion within the DeFi community. Protest surrounds USDS's capability of being
frozen remotely, which many perceive as centralization of control, contradicting the principles of decentralized finance. In response to these concerns, Sky's co-founder clarified that the freeze function is in response to regulatory pressures and a more decentralized 'PureDai' would be launched in a few years. There's also discourse around the
AaveDAO proposal to mitigate the risk from
MakerDAO's significant DAI expansion. News on the phishing attack resulting in a loss of $55M in DAI for a whale has also made headlines. Despite the criticism, Sky aims for a 100B DAI to challenge Tether and recently reported minting over 1B USDS since its rebranding. Talks of a significant partnership between Aave and Sky are also underway, symbolizing potential convergence between DeFi and traditional finance. Regulatory matters continue as Uphold sets to delist DAI and other stablecoins ahead of MiCA regulations. Meanwhile, DAI reached a record of $240B in an on-chain transaction volume last week.
DAI Coin News Analytics from Tue, 28 Nov 2023 08:00:00 GMT to Tue, 12 Nov 2024 11:48:54 GMT -
Rating -6
- Innovation -5
- Information 8
- Rumor -2
