Gnosis Chain Community Explores New Gas Token Options Post MakerDAO’s Rebranding

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by Giorgi Kostiuk

2 years ago

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  1. Reasons for Change
  2. Proposed Alternatives
  3. Future Directions


    4. The Gnosis Chain community is reconsidering its current gas token xDAI following MakerDAO’s recent rebranding and the launch of the new stablecoin Sky Dollar (USDS).

    Reasons for Change

    Gnosis Chain has traditionally used MakerDAO’s version of DAI, known as xDAI, for transaction fees. However, recent changes in MakerDAO, including the introduction of the new centralized Sky Dollar (USDS) stablecoin with features like wallet address freezing, have raised concerns. These changes contradict the principles of decentralization, prompting the community to seek alternatives.

    Proposed Alternatives

    Members of the Gnosis Chain community are considering several alternative gas token options. Suggested alternatives include using decentralized stablecoins like RAI or LUSD. Another proposal is to create a basket of currencies to enable a more decentralized and flexible transaction process. Additionally, the possibility of using the network’s native Gnosis (GNO) token as the gas token, aligning with practices of other blockchain protocols, is being discussed.

    Future Directions

    The discussions are still in early stages and no formal proposals have been made yet. However, the Gnosis Chain community has made it clear that preserving decentralized principles will be the priority when choosing a new gas token, despite MakerDAO’s transition to Sky.

    Gnosis Chain continues to explore potential changes in its gas token structure, aiming to maintain decentralized principles and transaction flexibility.

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