- The Gnosis Chain community is reconsidering gas tokens due to USDS’s centralization concerns.
- Chainlink’s CCIP and Automation now operate on Gnosis, boosting blockchain development.
The Gnosis Chain community is at a critical juncture as it reconsiders its gas token selection in light of important developments inside the MakerDAO ecosystem. With the debut of MakerDAO’s new stablecoin, Sky Dollar (USDS), Gnosis Chain users have expressed worries about the centralization characteristics built in USDS.
Specifically, USDS’s capacity to freeze wallet addresses has sparked debate about the token’s compatibility with Gnosis’s primary goals of decentralization and permissionless use.
The Gnosis Chain community is reconsidering its choice of gas tokens.
Gnosis currently uses xDAI to pay gas fees, but the USDS after the dai upgrade may introduce a freezing function, which violates the decentralised principle of Gnosis. It is discussing the use of RAI, LUSD or…
— LondonCryptoClub (@LDNCryptoClub) August 30, 2024
Exploring Decentralized Alternatives for Gnosis Gas Fees
Historically, Gnosis used xDAI, a bridging version of DAI, to cover gas expenses on its sidechain. However, the community is currently looking into alternatives, such as decentralized stablecoins like RAI and LUSD, which are considered to be more in line with the Gnosis decentralized ethos.
In addition, there is growing interest in using Gnosis’ native currency, GNO, to pay gas fees. This proposed adjustment might bring Gnosis in line with other blockchain networks that use their native coins to cover transaction expenses.
On the other hand, as we previously reported, Chainlink’s Cross-Chain Interoperability Protocol (CCIP) and Automation have recently gone live on the Gnosis network. These tools provide a solid foundation for developing scalable and secure blockchain applications, thus encouraging the use of blockchain technology.
The incorporation of Chainlink’s services into Gnosis could improve the network’s capabilities, making it a more appealing alternative for developers looking for safe and efficient solutions.
Meanwhile, its native token, GNO, has experienced some volatility. According to CoinMarketCap, the price of GNO is now around $157.56, down 1.29% over the last 24 hours and 6.92% over the last week. The market cap of GNO is roughly $407.95 million.
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