Gnosis Chain’s community is actively reconsidering its gas token choices following MakerDAO’s rebranding to Sky and the introduction of its new stablecoin, Sky Dollar (USDS). Gnosis, a sidechain, currently utilizes a bridged version of DAI, known as xDAI, to cover gas fees on its network.
MakerDAO, the issuer of the crypto-collateralized stablecoin DAI, is implementing its “endgame” plan. This plan allows DAI holders to optionally upgrade their tokens to USDS at a 1:1 ratio, with potential native token rewards.
However, the new USDS stablecoin potentially introduces more centralized features, such as the ability to “freeze” wallet addresses and restrict access for users in the UK and the US. These changes have sparked concerns among Gnosis Chain users about USDS’s reliability for covering transaction costs. It’s crucial to note that the current version of DAI will continue to exist, as previously clarified by MakerDAO.
Community members have emphasized that USDS’s freeze function contradicts Gnosis’ principles of decentralization. One community member, 0xLajota, stated, “The USDS has a ‘freeze’ function which allows for the blocking of the use of the stablecoin in certain wallets and/or smart contracts. This change is against the very essence of Gnosis, which is decentralization and permissionless use.”
In response, Gnosis Chain members have initiated discussions on exploring alternative solutions. Suggested options include adopting decentralized stablecoins like RAI and LUSD or implementing a basket of currencies.
Another suggestion is for Gnosis Chain to use its native staking token, Gnosis (GNO), as the gas token, aligning with practices of other blockchain protocols.
