• Rune Christensen, the founder of Ethereum’s MakerDAO, called for a rebranding of DAI stablecoin in order to make it more understandable for “normal people.”
• During a call to discuss MakerDAO’s decentralization plan (called „Endgame“), Christensen said that bad branding could be slowing the growth of DAI and suggested changing its name to include “USD.”
• He also proposed a complete rebrand, new name, look and approach to user acquisition in order to take control of the narrative.
Rune Christensen Calls for Rebranding of DAI Stablecoin
FinanceMakerDAO Founder Rune Christensen said on a call with community members that DAI suffers from bad branding that could be slowing its growth. He proposed a complete rebrand, new name, look and approach to user acquisition in order to take control of the narrative and make it more understandable for “normal people.“
Why Change The Brand?
DAI is the fourth-largest stablecoin with a market cap near $5 billion – and the only top stablecoin backed by a basket of assets. According to Christensen, this means that bad branding may be preventing its growth as potential users may not understand what it is or how it works. He believes that a change in name should reflect this use case by including “USD” so people know it is pegged against the US dollar but there is no guarantee such peg would hold.
„Endgame“ Plan For MakerDAO
The discussion about rebranding came amid a broader debate about Christensen’s „Endgame“ proposal for MakerDAO which he admitted few understand. This plan involves making DAI into more than just an asset but instead positioning it as something users can generate yield with while also being seen as „the safest and most reliable gamified crypto of all.“
The initiatives put forth by Christensen involve creating an entirely new brand identity which includes changing both its name and look as well as introducing different approaches towards user acquisition. His argument was that such steps are necessary if they want their message to reach out beyond their current audience and attract more people into using their product.
By taking these steps, MakerDAO hopes to make their product more attractive and easier for people who are unfamiliar with cryptocurrency products so they can better understand them without feeling overwhelmed or intimidated by all the technical jargon surrounding them. With such initiatives in place, there is potential for DAI stablecoin’s growth rate increase significantly once again within the crypto marketspace.