Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ADOPTION NEWS»Gnosis Chain Community Members Evaluate Gas Token Choice Amid MakerDAO’s Migration to Sky
ADOPTION NEWS

Gnosis Chain Community Members Evaluate Gas Token Choice Amid MakerDAO’s Migration to Sky

By Crypto FlexsAugust 30, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Gnosis Chain Community Members Evaluate Gas Token Choice Amid MakerDAO’s Migration to Sky
Share
Facebook Twitter LinkedIn Pinterest Email
Governance • August 30, 2024 1:52 AM EDT

Posted 1 minute earlier ~ in

Gnosticism That’s it

-1.75%
Chain community members are reconsidering their gas token choice after MakerDAO rebranded to Sky and launched a new stablecoin, Sky Dollar (USDS). Gnosis currently operates a sidechain using a bridge version. die

-0.03%
This token, called xDAI, is used to cover gas fees on the network.

MakerDAO is the issuer of DAI, a stablecoin backed by crypto collateral. As part of MakerDAO’s “endgame” plan, DAI holders will be able to upgrade their tokens to USDS at a 1:1 ratio, as well as the opportunity to earn native token rewards.

The new USDS stablecoin could potentially introduce more centralized features, including the ability to “freeze” wallet addresses and restrict access for UK and US users. These changes have raised concerns among Gnosis Chain users about the reliability of USDS to cover transaction costs.

Community members have highlighted that USDS’ freeze feature contradicts Gnosis’s principles of decentralization. “USDS has a ‘freeze’ feature that can block the use of the stablecoin in certain wallets and/or smart contracts. This change goes against the very nature of Gnosis, which is decentralization and permissionless use,” wrote community member 0xLajota.

In response, Gnosis Chain members have discussed exploring a number of alternative solutions. Proposed options include adopting decentralized stablecoins or currency baskets such as RAI and LUSD.

Alternatively, members have proposed that Gnosis Chain use its own staking token, Gnosis (GNO), as a gas token to align with other blockchain protocols. Discussions are preliminary, and no formal proposal has been made so far.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Current financial disclosures are as follows:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

Gala Games improves leader board rewards and introduces preference systems.

June 20, 2025

Ether Leeum Whale starts a $ 11 million leverage betting in the 30% increase in ETH prices.

June 12, 2025
Add A Comment

Comments are closed.

Recent Posts

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Bybit Expands Global Reach With Credit Card Crypto Purchases In 25+ Currencies And Cashback Rewards

June 27, 2025

BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision And South Korea Strategy

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025
Most Popular

Launch of $50M worth of immutable cryptocurrency gaming rewards program

April 25, 2024

Chainlink staking program quickly raised $600 million and reached its limit. LINK rises 12%

December 8, 2023

Pantera Capital invests in The Open Network.

May 2, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.