In a meeting with community members on Thursday, MakerDAO founder Rune Christensen suggested that the stablecoin-issuing protocol change the name of its main cryptocurrency to make it easier for people to understand.
During a discussion of the “Endgame” decentralisation plan, Christensen pointed out that DAI, the fourth-largest stablecoin with a market cap of nearly $5 billion, is the only leading stablecoin backed by a basket of assets, including other cryptocurrencies. But Christensen was also worried that DAI’s bad branding could stop it from growing.
“What’s the right name for a stablecoin if you try to appeal to normal people? It has to have USD in it,” Christensen stated on the call.
Christensen says that calling a token a “stablecoin” would make it sound like it would always stay pegged to the U.S. dollar. However, there is no guarantee that this peg will remain stable.
Am sitting in a meeting where being told DAI should be renamed. pic.twitter.com/9szBs8WAou
— PaperImperium (@ImperiumPaper) March 9, 2023
The conversation about rebranding arose during a broader discussion of Christensen’s complex proposal for MakerDAO, called “Endgame,” which he admitted few people understand. He thought this was a chance to completely rebrand MakerDAO and make it easier for people to use by giving it a new name, look, and strategy for getting new users.
Christensen suggested that MakerDAO should market DAI as the safest and most reliable gamified cryptocurrency that gives users a return on their investment. His justifications, however, did not sway all of the discussion participants.
