Maker Protocol, a leading decentralized finance (DeFi) lending platform, has rebranded itself as Sky, introducing a comprehensive set of upgrades designed to make DeFi more user-friendly and accessible to a wider audience. Central to this transformation is the rebranding of its popular decentralized stablecoin, Dai (DAI), now renamed USDS, and its native governance token, MKR, which has been upgraded and rebranded as Sky (SKY) within the new ecosystem.
Rune Christensen, co-founder of MakerDAO, described this rebranding as the “next evolution of DeFi,” emphasizing the platform’s renewed focus on simplicity and usability. Key features like Sky Token Rewards (STRs) and the Sky Savings Rate (SSR) are now more accessible to users in eligible regions, reflecting the protocol’s commitment to innovation and user engagement.
As part of the overhaul, Maker’s SubDAOs have been renamed Sky Stars. These independent, decentralized projects will continue to play a crucial role in the Sky ecosystem, each operating with its own distinct business model and autonomy. The first of these, Spark, is an open-source decentralized liquidity protocol that offers a 6% yield for DAI deposits and allows borrowing of USDS at a 7% interest rate.
Sky Stars will have the freedom to issue their governance tokens, manage their treasuries, and make independent decisions, fostering innovation while the core Sky Protocol remains focused on ensuring the stability and security of the USDS stablecoin. “Core Sky Governance will protect against risks in the tail end, while Stars specialize in doing business in the trenches,” Christensen explained.
The rebranding also involves a significant shift in token distribution. The MKR token is being upgraded to SKY at a 1:24,000 ratio, a move Christensen believes will democratize access to the ecosystem. He noted that the increased supply of SKY is designed to enhance user experience, particularly for those looking to invest in more than just a fraction of the token, ultimately attracting a broader user base.
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