- The Maker protocol is renamed to Sky and renames the Dai stablecoin to Sky Greenback (USDS).
- The MKR administration token was upgraded to Sky (SKY) with a conversion ratio of 1:24,000.
- Maker SubDAO renamed itself Sky Stars, with Spark being the primary stay subDAO.
In a significant step in the direction of making decentralized finance (DeFi) extra accessible, Maker Protocol has rebranded as Sky and unveiled a brand new id for its stablecoin and governance token.
The Dai stablecoin, well known as the biggest decentralized stablecoin, has been renamed USDS. As well as, the governance token was upgraded from Maker (MKR) to Sky (SKY), marking a key second within the evolution of DeFi.
Sky is right here.
The most effective and best place to get rewarded for saving with out giving up management.
Uncover improved tokens, new options and improved Sky Token rewards for early registrations. Observe 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 oversees the Maker Protocol, launched 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 develop entry to decentralized monetary providers.
With this shift, Maker has additionally launched vital modifications to its core property. The Dai stablecoin, which has lengthy been a cornerstone of the DeFi ecosystem, has been rebranded as USDS to make the stablecoin extra relatable and accessible to a wider viewers.
In tandem with the stablecoin rebranding, the MKR administration token was changed by the Sky token (SKY). The improve from MKR to SKY is about at a conversion ratio of 1:24,000, a transfer designed to extend the distribution and availability of the token.
In keeping with Rune Christensen, co-founder of MakerDAO, this transformation is a part of a broader effort to enhance the consumer expertise and drive the following wave of DeFi adoption.
SubDAO maker redesigned for Sky Stars
As a part of its complete rebranding technique, Maker has additionally revamped its SubDAO, now often known as Sky Stars. These decentralized, autonomous organizations will proceed to function independently and contribute to the broader Sky ecosystem with their distinctive enterprise fashions.
Every Sky Star subDAO can have the autonomy to challenge its personal governance token, handle its treasury and make unbiased choices.
The primary of those Sky Stars, Spark, has already launched as a decentralized liquidity protocol. Spark provides customers a 6% return for storing USDS whereas additionally permitting borrowing at a 7% rate of interest. The transfer positions Spark as a significant participant within the DeFi lending area, at present the third largest lending protocol with a complete worth locked (TVL) of $2.66 billion.
Maker's rebranding to Sky, together with the introduction of USDS and SKY, marks a transformational step within the DeFi panorama that positions the protocol for future progress and wider consumer engagement.
