MarkerDAO Gears Up to Launch Decentralized Stablecoin ‘PureDai’
The decentralized autonomous organization MakerDAO has revealed plans to launch a new stablecoin, PureDai. The US dollar will back the PureDai stablecoin and will operate fully as a decentralized coin.
Unlike its Dai stablecoin, which is positioned on centralized protocols, the PureDai token will be supported by decentralized protocols. A statement from the founder of MarkerDAO, Rune Christensen, outlined the features of PureDai.
MakerDAO Launching New Stablecoin
The executive stated that Ethereum mainnet, Ether, and Lido-staked Ether decentralized protocols would support the PureDai. Compared to other stablecoins, the PureDai will have a free-floating peg feature, which illustrates that, at times, the stablecoin might not be backed by the dollar currency.
The official admitted that PureDai would leverage decentralized oracles to list price feeds and prevent price manipulation of the crypto asset.
Christensen restated that PureDai will be fully decentralized, which will allow the user to upgrade to advanced versions.
Feature of PureDai
The official explained that PureDai replicates some of the elements of Dai stablecoins. Also, the PureDai will complement the NewStable, which is currently under development.
For the last few months, the MakerDao team has been working on improving the Dai ecosystem. The proposed NewStable will resemble Dai features and will focus on integrating new elements to strengthen its compliance with the existing regulations.
The executive admitted that the proposed NewStable would focus more on growth, yield, and resilience. The developers of the NewStable will incorporate regulatory requirements for real-world assets (RWA).
Christensen anticipates NewStable will succeed in Dai’s operation, which will solely focus on mass market adoption. The executive admitted that the NewStable will comprise several traditional financial models necessary for mass market adoption.
MarkerDAO Seeks to Improve DAI Ecosystem
The executive anticipates that NewStable and PureDai will be launched simultaneously. Christensen believes that PureDai will perfectly match the needs of decentralized users.
He anticipates that after the official launching of PureDai, the MakerDao team will not make further developments or upgrades to the stablecoin. Christensen described the PureDai as an immutable system completely operating as decentralized with no permanent attachments to MakerDAO.
The executive stated that the MakerDAO user seeking a decentralized product will be allowed to migrate to PureDai. Christensen added that individuals owning MKR tokens will allowed to keep their digital assets until the launching of NewStable. He stated that the NewStable features apply to MKR.
The executive anticipates PureDai will be available in the market in the coming years. The MakerDAO’s latest development came at a time when its current stablecoin DAI on-chain transactions reached $240 million. The executive noted that DAI loans and other product offerings contributed to the surge in DAI -related transactions.
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