Dollar

xDAI

2024

Gnosis

<ul>
 <li>The Gnosis Chain community is reconsidering gas tokens due to USDS’s centralization concerns.</li>
 <li>Chainlink’s CCIP and Automation now operate on Gnosis, boosting blockchain development.</li>
</ul>
The Gnosis Chain community is at a critical juncture as it <a href="https://twitter.com/LDNCryptoClub/status/1829426248981877202" rel="noopener noreferrer nofollow">reconsiders</a> 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.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 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) <a href="https://twitter.com/LDNCryptoClub/status/1829426248981877202?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 30, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 id="strong-exploring-decentralized-alternatives-for-gnosis-gas-fees-strong">Exploring Decentralized Alternatives for Gnosis Gas Fees&nbsp;</h2>
Historically, Gnosis used <a style="color: #008000;" href="https://www.crypto-news-flash.com/polygon-faces-the-heat-rising-l2-rivals-arbitrum-loopring-immutable-x-and-xdai-chain-threaten-its-supremacy/" target="_blank" rel="noopener noreferrer nofollow">xDAI</a>, 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 <a style="color: #008000;" href="https://www.crypto-news-flash.com/chainlink-ccip-and-automation-go-live-on-gnosis-empowering-developers-with-enhanced-blockchain-capabilities/" rel="noopener noreferrer nofollow">reported</a>, 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 <a style="color: #008000;" href="https://www.crypto-news-flash.com/chainlink-price-feeds-now-power-radiant-capitals-money-market-platform/" target="_blank" rel="noopener noreferrer nofollow">Chainlink’s</a> 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.

Gnosis Chain Rethinks Gas Tokens Amid MakerDAO’s USDS Concerns

Table of Contents

Crypto News Flash

Other articles published on Aug 30, 2024

$77M Whale Profit Surge in WIF: PlayDoge and MoonBag Compete for Best Presale Title

Cardano Price Could Drop 10% Despite Whales’ 170 mln ADA Purchase

Legendary Trader John Bollinger Returns to This Bitcoin Price Prediction as It Comes True

B2BROKER and Spotware Announce Full Integration of B2COPY with cTrader

BounceBit V2 - Bodhi 悟

Must-Buy Cryptocurrencies in 2024 for Massive Gains

Join our free newsletter for daily crypto updates!