Maker, a prominent DeFi lending protocol on Ethereum, has recently undergone a significant rebranding, transitioning to a new identity as “Sky.” Along with this rebrand, the decentralized stablecoin DAI has been renamed to USDS, and the MKR governance token has been transformed into SKY. This strategic rebranding aims to mark a new era in decentralized finance, introducing key upgrades to the existing system.
The rebranded MKR token, now known as SKY, can be obtained by supplying USDS tokens to the Sky protocol through Sky.money. This upgraded version of MKR aims to enhance accessibility for users, making individual SKY tokens more affordable than their MKR counterparts. With 1 DAI converting to 1 USDS and 1 MKR converting to 24,000 SKY tokens, users have a streamlined pathway to engage with the Sky ecosystem.
The Sky protocol offers a seamless and non-custodial platform for users to access tokens and rewards. Through Sky.money, users can effortlessly swap between ETH, USDC, USDT, and USDS tokens. Notably, assets deposited with Sky remain under user custody, enabling individuals to withdraw their assets from the protocol without requiring permission. Additionally, users may have the opportunity to earn tokens from other decentralized projects through Sky, subject to the DAO’s governance decisions.
According to MakerDAO co-founder Rune Christensen, the rebrand to Sky signifies a focus on the next evolution of DeFi. The protocol prioritizes simplicity and ease of use, allowing users to benefit from innovations such as Sky Token Rewards (STRs) and the Sky Savings Rate (SSR), particularly in eligible jurisdictions. The rebrand also includes the transition of Maker’s “SubDAOs” to “Sky Stars,” serving as a riskier innovation layer within the ecosystem.
Sky Stars and Spark Protocol
One of the key components of the new Sky ecosystem is the introduction of Sky Stars, DAOs connected to Maker governance that operate semi-independently with their governance tokens. One prominent Sky Star is Spark, a lending protocol with over $2.5 billion in total value locked (TVL), making it the third largest lending protocol in the DeFi landscape. Additionally, Maker itself boasts a TVL of $6.44 billion, reaffirming its position as one of the top DeFi protocols globally.
The rebranding of Maker to Sky marks a pivotal moment in the evolution of decentralized finance, introducing a new era of accessibility, innovation, and user-centric design to the DeFi ecosystem. The transition to Sky protocol, along with the introduction of Sky Stars and innovative protocols like Spark, signifies a bold step towards shaping the future of decentralized finance.
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