{"id":28138,"date":"2024-08-31T15:00:25","date_gmt":"2024-08-31T12:00:25","guid":{"rendered":"https:\/\/coinengineer.net\/blog\/?p=28138"},"modified":"2024-08-31T09:18:43","modified_gmt":"2024-08-31T06:18:43","slug":"gnosis-chain-rethinks-gas-token-after-usds-launch","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/gnosis-chain-rethinks-gas-token-after-usds-launch\/","title":{"rendered":"Gnosis Chain Rethinks Gas Token After USDS Launch"},"content":{"rendered":"<p>After MakerDAO rebranding Sky and unveiling its new stablecoin, Sky Dollar (USDS), <strong>Gnosis Chain<\/strong> community members are reevaluating their choice of gas tokens. Currently covering network gas costs, <strong>Gnosis<\/strong> runs a sidechain using a bridged form called xDAI.<\/p>\n<p>MakerDAO is the stablecoin DAI issuer with crypto collateral backing. MakerDAO&#8217;s &#8220;endgame&#8221; strategy will let DAI holders choose to instead convert their tokens to USDS on a 1:1 ratio, therefore providing native token incentives as well.<\/p>\n<p>With the capacity to &#8220;freeze&#8221; wallet addresses and restrict access for users in the US and the UK, the new USDS stablecoin might bring more centralized characteristics. Users of <strong>Gnosis Chain<\/strong> have expressed worries regarding USDS&#8217;s dependability in terms of financing transaction expenses these changes bring about. MakerDAO has already made clear that DAI, as it exists right now, will always be present.<\/p>\n<p>Community users pointed out that the freeze feature of USDS runs counter to <strong>Gnosis&#8217;s<\/strong> decentralizing ideas.<em> \u201cThe USDS has a \u2018freeze\u2019 function that blocks the use of the stablecoin in certain wallets and\/or smart contracts. This change is against the very essence of <strong>Gnosis<\/strong>, which is decentralization and permissionless use,\u201d<\/em>\u00a0community member 0xLajota said.<\/p>\n<p>Members of <strong>Gnosis<\/strong> Chain responded by talking about investigating numerous other options. Recommended choices are using a basket of currencies or distributed stablecoins like RAI and LUSD.<\/p>\n<p>Alternatively, in line with other blockchain systems, users recommended <strong>Gnosis Chain<\/strong> can utilize <strong>Gnosis (GNO)<\/strong>, its natural staking coin, as the gas token. The conversation is exploratory; thus yet, no official proposal has been suggested.<\/p>\n<p>&nbsp;<\/p>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for\u00a0<\/em><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After MakerDAO rebranding Sky and unveiling its new stablecoin, Sky Dollar (USDS), Gnosis Chain community members are reevaluating their choice of gas tokens. Currently covering network gas costs, Gnosis runs a sidechain using a bridged form called xDAI. MakerDAO is the stablecoin DAI issuer with crypto collateral backing. MakerDAO&#8217;s &#8220;endgame&#8221; strategy will let DAI holders<\/p>\n","protected":false},"author":6,"featured_media":28139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[1220,8317],"class_list":["post-28138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-gnosis","tag-gnosis-chain"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gnosis Chain Rethinks Gas Token After USDS Launch - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/gnosis-chain-rethinks-gas-token-after-usds-launch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gnosis Chain Rethinks Gas Token After USDS Launch - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"After MakerDAO rebranding Sky and unveiling its new stablecoin, Sky Dollar (USDS), Gnosis Chain community members are reevaluating their choice of gas tokens. Currently covering network gas costs, Gnosis runs a sidechain using a bridged form called xDAI. MakerDAO is the stablecoin DAI issuer with crypto collateral backing. 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