Maker Protocol rebrands to Sky and renames the Dai stablecoin to Sky Dollar (USDS). MKR governance token upgrades to Sky (SKY) with a 1:24,000 conversion ratio. Maker SubDAO rebrands to Sky Stars and Spark becomes the first live subDAO.
In a significant move to make decentralized finance (DeFi) more accessible, Maker Protocol has rebranded to Sky and announced new identities for its stablecoin and governance token.
The Dai stablecoin, widely regarded as the largest decentralized stablecoin, has been renamed USDS, and along with this, its governance token has been upgraded from Maker (MKR) to Sky (SKY), marking a pivotal moment in the evolution of DeFi.
The sky is here.
The easiest and best place to save and earn rewards without giving up control.
Check out our upgraded tokens, new features, and enhanced Sky Token Rewards for early sign-ups. Follow this thread for the latest news and updates on SkyLaunch. pic.twitter.com/Qc25KRPzR8
— Sky (@SkyEcosystem) August 27, 2024
Notably, the rebranding comes roughly three months after MakerDAO, the decentralized autonomous organization that oversees the Maker Protocol, announced two new tokens. NewStable and NewGovToken.
A New Chapter for Maker: Introducing Sky and USDS
A pioneer in the DeFi space, Maker Protocol's rebranding reflects the protocol's mission to simplify and expand access to decentralized financial services.
Along with this shift, Maker has also introduced major changes to its flagship asset: the Dai stablecoin, which has been a cornerstone of the DeFi ecosystem, has been rebranded to USDS, with the aim of making it more familiar and accessible to a wider range of users.
In tandem with the stablecoin rebranding, governance token MKR has been replaced with the Sky (SKY) token. The MKR to SKY upgrade is set to have a 1:24,000 conversion ratio in order to increase the token's distribution and accessibility.
According to MakerDAO co-founder Rune Christensen, the changes are part of a broader effort to improve user experience and drive the next wave of DeFi adoption.
Maker SubDAO revamps to Sky Stars
As part of a comprehensive rebranding strategy, Maker is also revamping its SubDAOs, which are now known as Sky Stars. These decentralized autonomous organizations will continue to operate independently, with their own business models and contributing to the broader Sky ecosystem.
Each Sky Star sub-DAO will have the autonomy to issue its own governance token, manage its finances, and make independent decisions.
Skystar's first, Spark, is already up and running as a decentralized liquidity protocol. Spark offers users a 6% yield on USDS deposits and allows them to borrow at a 7% interest rate. With this move, Spark has established itself as a significant player in the DeFi lending space, currently ranking as the third-largest lending protocol with $2.66 billion in total value locked (TVL).
The rebranding from Maker to Sky, along with the introduction of USDS and SKY, marks a transformative step in the DeFi environment, positioning the protocol for future growth and wider user engagement.
