MakerDAO to Decentralize USDS Management, Introduces SkyLink for Cross-Chain Scalability
CryptoNewsTerminal Staff03 Sep, 2024
MakerDAO to Decentralize USDS Management, Introduces SkyLink for Cross-Chain Scalability
MakerDAO, the decentralized autonomous organization (DAO) behind the stablecoin DAI, recently announced a rebranding and the introduction of a new stablecoin, USDS. In an interview with Cointelegraph, MakerDAO co-founder Rune Christensen revealed that the DAO will hold the ultimate authority in deciding whether to implement a burn mechanism for USDS. USDS is set to replace DAI as MakerDAO's primary stablecoin, leveraging the SkyLink protocol to achieve chain agnosticism. SkyLink will enable USDS to function seamlessly across multiple blockchains, enhancing its scalability and accessibility. This move aims to position USDS as a robust and widely adopted stablecoin in the crypto ecosystem. The launch of SkyLink is expected within the next few months, further expanding the capabilities of the MakerDAO ecosystem and providing users with greater flexibility and efficiency in managing their digital assets.
