• MakerDAO’s DAI stablecoin founder Rune Christensen has called for a rebranding of the token to make it more understandable to “normal people”.
• He believes the current branding may be impeding its growth, and that a new name with “USD” in it should be considered.
• The discussion of a rebranding is part of MakerDAO’s decentralization plan, named “Endgame.”
FinanceMakerDAO Founder Calls for Rebranding of DAI Stablecoin
Rune Christensen, the founder of Ethereum’s MakerDAO, said on a call with community members that DAI suffers from bad branding that could be slowing its growth. He suggested rebranding the token to make it more understandable for “normal people” by including “USD” in its name. This is part of MakerDAO’s decentralization plan, called “Endgame”.
DAI is the fourth-largest stablecoin, with a market cap near $5 billion – and the only top stablecoin backed by a basket of assets, including other cryptocurrencies – but Christensen believes its branding may be inhibiting its growth. A new name would imply that the token would stay pegged to the dollar but there’s no guarantee such a peg would hold.
What Could A New Brand Look Like?
Christensen called for “a complete rebrand, complete new name, complete new look, completely different approach to user acquisition,” saying it’s “the only way to take control of the narrative.” He suggested positioning DAI as a currency that users can generate yield with and as “the safest and most reliable gamified crypto of all.”
Debate Among Attendees
Not all attendees were convinced by Christensen’s argument and further debate ensued regarding whether this was indeed an effective way forward or if another approach would work better.
Ultimately this decision will come down to the MakerDAO community who will have their say on how best to move forward with any potential changes or updates related to their flagship product – The DAI stablecoin.