DAI Stablecoin May Get a New Name, Says MakerDAO Founder
In a recent discussion with the community on March 9th, Rune Christensen, the founder of MakerDAO, suggested that the project should rebrand its stablecoin DAI to make it more accessible for new users.
DAI is the fourth-largest stablecoin in the crypto market with a market capitalization of nearly $5 billion and is supported by various cryptocurrencies. According to Christensen, the current name of the stablecoin could hinder its development. He revealed this during a discussion about the protocol’s decentralization plan, called “Endgame.”
“What is a suitable name for a stablecoin if you are trying to attract ordinary users? Is it necessary to include the word USD?” Christensen shared during the discussion.
In addition, the MakerDAO founder stated that the name of the stablecoin containing the USD element represents the meaning of the asset locked in USD. However, this does not mean that USD backing is guaranteed in reality. The discussion about rebranding was brought up in Christensen’s “Endgame” proposal for MakerDAO. He admitted that it is a complicated topic that not everyone can understand. He emphasized that this move has created a broader opportunity to rebrand MakerDAO and make the project more accessible.
The project’s founder is calling for a complete new name, interface, and approach to attract users. Christensen believes that MakerDAO should position DAI as a currency that users can profit from. At the same time, he stressed that DAI should be considered the safest and most reliable cryptocurrency of all.
As AZCoin News reported, MakerDAO recently proposed allocating an additional $750 million to invest in US Treasury bonds. This will allow the project to take advantage of the favorable interest rate environment of bonds.
If this plan is approved, the total investment amount in US bonds by MakerDAO will increase to $1.25 billion.
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