MakerDAO, a significant player in the decentralized finance (DeFi) sector, has rebranded to
Sky, a move that has met mixed reactions. The rebranding comes with a change in their primary stablecoin,
DAI, which is now to be known as
USDS. However, the old DAI coin will continue to operate as usual. Surprisingly, MakerDAO, now Sky, made a somewhat controversial move by revealing that USDS has a freeze function, which the team can remotely control.
Despite the uproar, the Sky team proposed a decentralized court to determine the criteria on when to use the freeze process. Still, this proposal did not seem to quell the discontent within the DeFi community. Amid these developments, Coinbase, a leading cryptocurrency exchange, delisted several stablecoins, including DAI.
Sky, formerly MakerDAO, also announced an ambitious plan to launch new stablecoins and specifically
PureDai, a decentralized stablecoin set to replace DAI. Besides regrettable news of a $9.3 million DAI scam, investor interest seems to be shifting, as demonstrated by
Ethena's USDe, surpassing DAI to become the 3rd-largest stablecoin.
Amid these events, the DAI stablecoin achieved a record $240 billion in on-chain transaction volume. Interestingly, despite the controversy over MakerDAO's rebranding and changes to the DAI coin, Sky remains a strong player in the DeFi sector with ambitious plans for future growth.
DAI Coin News Analytics from Thu, 28 Dec 2017 03:05:08 GMT to Tue, 28 Jan 2025 14:56:58 GMT -
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