- Maker Protocol rebrands to Sky, renaming Dai stablecoin as Sky Greenback (USDS).
- MKR governance token upgraded to Sky (SKY) with a 1:24,000 conversion fee.
- Maker SubDAOs rebranded as Sky Stars, with Spark as the primary dwell subDAO.
In a major transfer to make decentralized finance (DeFi) extra accessible, the Maker Protocol has rebranded to Sky, unveiling a brand new identification for its stablecoin and governance token.
The Dai stablecoin, widely known as the biggest decentralized stablecoin, has been renamed USDS. Alongside this, the governance token has been upgraded from Maker (MKR) to Sky (SKY), marking a pivotal second within the evolution of DeFi.
Sky is right here.
The perfect and best place to get rewarded for saving with out giving up management.
Uncover the upgraded tokens, new options, and boosted Sky Token Rewards for early sign-ups. Comply with this thread for the newest information and updates about SkyLaunch. pic.twitter.com/Qc25KRPzR8
— Sky (@SkyEcosystem) August 27, 2024
Notably, the rebranding comes roughly three months after MakerDAO, the decentralized autonomous group that oversaw the Maker Protocol, unveiled two new tokens – NewStable and NewGovToken.
A brand new chapter for Maker: introducing Sky and USDS
The rebranding of Maker Protocol, a pioneer within the DeFi area, displays the protocol’s mission to simplify and broaden entry to decentralized monetary providers.
With this shift, Maker has additionally launched vital adjustments to its key belongings. The Dai stablecoin, which has lengthy been a cornerstone of the DeFi ecosystem, has been rebranded as USDS with the intention of constructing the stablecoin extra relatable and accessible to a broader viewers.
In tandem with the stablecoin rebranding, the governance token MKR has been changed with the Sky (SKY) token. The improve from MKR to SKY is about at a conversion fee of 1:24,000, a transfer designed to extend the distribution and accessibility of the token.
In keeping with Rune Christensen, co-founder of MakerDAO, this modification is a part of a broader effort to reinforce consumer expertise and drive the following wave of DeFi adoption.
Maker SubDAOs revamped to Sky Stars
As a part of its complete rebranding technique, Maker has additionally revamped its SubDAOs, now referred to as Sky Stars. These decentralized, autonomous organizations will proceed to function independently, contributing to the broader Sky ecosystem with their distinctive enterprise fashions.
Every Sky Star subDAO may have the autonomy to problem its personal governance token, handle its treasury, and make impartial selections.
The primary of those Sky Stars, Spark, has already gone dwell as a decentralized liquidity protocol. Spark affords customers a 6% yield for depositing USDS whereas enabling borrowing at a 7% rate of interest. This transfer positions Spark as a major participant within the DeFi lending area, presently ranked because the third-largest lending protocol with a complete worth locked (TVL) of $2.66 billion.
The rebranding of Maker to Sky, together with the introduction of USDS and SKY, marks a transformative step within the DeFi panorama, positioning the protocol for future progress and broader consumer engagement.
