MakerDAO Wants to Be Compliant Rather Than Centralized

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MakerDAO’s rebranding to Sky has diehard decentralized finance fans worried, but expert claims the move was necessary for the platform.

On Aug. 27, MakerDAO founder Rune Christensen announced that the DeFi platform will rebrand as Sky. The protocol’s Dai (DAI) stablecoin will be upgraded to Sky Dollar (USDS) and its governance token, Maker (MKR), will transition to SKY.

One thing made DeFi fans worried; the freeze function that comes with the USDS stablecoin.

“It’s less about centralization and more about being compliant,” Sean Lee, co-founder and chief strategy officer at IDA, told crypto.news.

Lee, whose company is also launching a Hong Kong-regulated stablecoin, says that if a stablecoin doesn’t have a freeze function, it will be used for illegal activities.

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