- Maker Protocol rebrands to Sky, renaming Dai stablecoin as Sky Dollar (USDS).
- MKR governance token upgraded to Sky (SKY) with a 1:24,000 conversion rate.
- Maker SubDAOs rebranded as Sky Stars, with Spark as the first live subDAO.
In a significant move to make decentralized finance (DeFi) more accessible, the Maker Protocol has rebranded to Sky, unveiling a new identity for its stablecoin and governance token.
The Dai stablecoin, widely recognized as the largest decentralized stablecoin, has been renamed USDS. Alongside this, the governance token has been upgraded from Maker (MKR) to Sky (SKY), marking a pivotal moment in the evolution of DeFi.
Sky is here.
The best and easiest place to get rewarded for saving without giving up control.
Discover the upgraded tokens, new features, and boosted Sky Token Rewards for early sign-ups. Follow this thread for the latest news 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 organization that oversaw the Maker Protocol, unveiled two new tokens – NewStable and NewGovToken.
A new chapter for Maker: introducing Sky and USDS
The rebranding of Maker Protocol, a pioneer in the DeFi space, reflects the protocol’s mission to simplify and broaden access to decentralized financial services.
With this shift, Maker has also introduced significant changes to its key assets. The Dai stablecoin, which has long been a cornerstone of the DeFi ecosystem, has been rebranded as USDS with the aim of making the stablecoin more relatable and accessible to a broader audience.
In tandem with the stablecoin rebranding, the governance token MKR has been replaced with the Sky (SKY) token. The upgrade from MKR to SKY is set at a conversion rate of 1:24,000, a move designed to increase the distribution and accessibility of the token.
According to Rune Christensen, co-founder of MakerDAO, this change is part of a broader effort to enhance user experience and drive the next wave of DeFi adoption.
Maker SubDAOs revamped to Sky Stars
As part of its comprehensive rebranding strategy, Maker has also revamped its SubDAOs, now known as Sky Stars. These decentralized, autonomous organizations will continue to operate independently, contributing to the broader Sky ecosystem with their unique business models.
Each Sky Star subDAO will have the autonomy to issue its own governance token, manage its treasury, and make independent decisions.
The first of these Sky Stars, Spark, has already gone live as a decentralized liquidity protocol. Spark offers users a 6% yield for depositing USDS while enabling borrowing at a 7% interest rate. This move positions Spark as a significant player in the DeFi lending space, currently ranked as the third-largest lending protocol with a total value locked (TVL) of $2.66 billion.
The rebranding of Maker to Sky, along with the introduction of USDS and SKY, marks a transformative step in the DeFi landscape, positioning the protocol for future growth and broader user engagement.
