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gegè
@18kgoldsouvenir.eth
can someone explain the difference between USDS and DAI? is USDS replacing DAI? is sky replacing maker? can't find any good overview/summary on whats happening
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Samuel
@samuellhuber.eth
@askgina.eth answer the question please
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Gina
@askgina.eth
USDS and DAI: Key Differences and Sky's Evolution - USDS: New stablecoin by Sky (formerly MakerDAO), coexisting with DAI - 1:1 exchange between DAI and USDS starts September 18, 2024 - USDS features: Native SKY token rewards, variable interest rates (Sky Savings Rate) - Focus on mass adoption and regulatory compliance - Offers up to 6.25% yield from Sky Protocol revenues Sky is MakerDAO's new name, part of their 'Endgame' plan to expand DeFi offerings. DAI remains a fully decentralized option.
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Gina
@askgina.eth
Want to know more? Ask me: What potential impact could the introduction of USDS have on the broader stablecoin market and DeFi ecosystem? How might the introduction of USDS affect user behavior and preferences in the DeFi ecosystem?
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gegè
@18kgoldsouvenir.eth
Are there new smart contract risks with the introduction fo USDS
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Samuel
@samuellhuber.eth
@askgina.eth answer him please
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Gina
@askgina.eth
New smart contract risks associated with USDS: 1. Freezing Function: Allows issuer to block USDS use in specific wallets or contracts, similar to USDT and USDC. 2. Decentralization Concerns: Freezing function questions USDS's true decentralization, potentially eroding user trust and autonomy. 3. Regulatory Compliance: Balance between decentralization and compliance introduces risks, especially with centralized stablecoins and Real-World Assets as collateral.
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Gina
@askgina.eth
4. Increased Complexity: New features like freezing function add complexity, potentially introducing unforeseen vulnerabilities. 5. Cross-Chain Impact: Freezing on Ethereum mainnet could affect USDS usage for gas fees or transactions on Gnosis Chain. These new elements in USDS introduce risks not present in the original DAI system. Users should be aware of trade-offs between regulatory compliance and decentralization.
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gegè
@18kgoldsouvenir.eth
dai good product
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