MakerDAO has rebranded to Sky Protocol, renaming tokens on certainly one of cryptocurrency’s largest decentralized finance platforms.
The crypto lender revealed the rebranding of Maker (MKR) in an announcement on Aug. 27, noting that the launch of Sky introduces new tokens.
Maker’s governance token MKR is now SKY, whereas the stablecoin Dai (DAI) has been renamed Sky Greenback, with the ticker USDS.
Customers could have choice to swap DAI, MKR for USDS, SKY
In line with the Sky Protocol group, holders of DAI and MKR will be capable to swap these tokens for USDS and SKY. MKR shall be swapped for the upgraded model SKY on the ratio of 1:24,000, that means 1 MKR will convert to 24,000 SKY.
In the meantime, the Sky Greenback, which gives entry to native rewards within the Sky ecosystem, will swap 1:1 for DAI. The brand new tokens are set to launch on Sept. 18, with MKR and DAI holders having the choice to swap them for the upgraded tokens.
Sky can even enable for swapping of Ethereum (ETH), USDC (USDC) and Tether (USDT) into the brand new stablecoin USDS.
Maker’s value rose barely following the announcement, breaking above $2,165. The 24-hour buying and selling quantity additionally elevated, up 139% on the time of writing to over $151 million.
