The Sky rebranding launches “Sky Stars” initiatives and upgrades stablecoin and governance tokens to accelerate DeFi innovation.
DeFi lending platform MakerDAO has officially rebranded to Sky and announced the name of its upgraded stablecoin and native governance token.
The rebranding is an integral component of MakerDAO’s “Endgame Plan,” a concept developed by co-founder Rune Christensen. This plan involves revamping the DAO’s structure to promote DeFi’s expansion, accessibility, and resilience. A crucial part of this overhaul is the rollout of new tokens. They are USDS, a refined version of the DAI stablecoin, and SKY, the newly established governance token that will replace MKR.
MakerDAO Rebrand to Sky
The launch of SKY is intended to streamline the DeFi user experience, focusing on making the protocol more accessible to a broader audience. The rebranding also introduces a new idea called “Sky Stars,” independent decentralized projects operating within the SKY ecosystem. These Sky Stars, starting with the Spark protocol, are crafted to encourage swift innovation while preserving autonomy within the larger SKY framework.
According to the announcement, USDS will serve as an upgraded version of DAI, allowing users to convert their current DAI holdings into the new stablecoin on a 1:1 ratio. Likewise, MKR holders can upgrade their tokens to SKY, with each MKR being exchanged for 24,000 SKY tokens. These upgraded tokens will offer additional features, such as access to the Sky Savings Rate (SSR) and Sky Token Rewards (STRs), designed to incentivize user engagement with the protocol.
Maker’s Sky.money Promises Non-Custodial Operations
Alongside the rebranding, a new platform named Sky.money will be introduced to provide non-custodial access to the Sky protocol. However, certain features, including the SSR and STRs, will be limited in specific regions due to regulatory constraints.
The shift from MakerDAO to Sky is described as a fundamental change intended to expand the distinct advantages of DeFi. According to Christensen, the evolution to Sky marks a move towards building a more resilient and user-friendly decentralized financial system, using the achievements and security of the Maker protocol to advance the next stage of DeFi progress.