crypto

Sky Considers Implementing Decentralized Appeals Process for Crypto Stablecoin Freeze Function

The Big Whale

04 Sep 2024 — 1 min read

Decentralized finance (DeFi) protocol Sky's new stablecoin could have a decentralized court-like appeals process.
The stablecoin USDS won't have a freeze function at launch but can be upgraded with it later.
If the freeze function goes live, users can tap into decentralized governance for transparency.
The Sky protocol aims to make objective decisions using the system's rules.
USDS and the Sky protocol will work on multiple blockchains through Skylink.
Skylink will deploy on various blockchains to reach valuable users and make crypto more approachable.

Summary :
Decentralized finance (DeFi) protocol Sky is considering implementing a decentralized court-like appeals process for its crypto stablecoin's freeze function. The co-founder of Sky, Rune Christensen, stated that a more decentralized freeze function could be designed compared to centralized stablecoins. The protocol's stablecoin, USDS, faced criticism for its freeze feature, but Christensen clarified that it won't have the function at launch and can only be added through governance decisions. If implemented, users with frozen USDS could utilize decentralized governance for transparent due process. Additionally, Skylink, a protocol that allows USDS to operate on various blockchains, will be launched a few months after Sky's launch on September 18.

Sources :

- CoinTelegraph

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