One of the pioneering decentralized finance (DeFi) lending platforms on the Ethereum network, Maker, recently underwent a rebranding to “Sky.” This rebranding came alongside significant upgrades to its decentralized stablecoin system. The once-famous DAI stablecoin is now known as USDS, and the MKR governance token has been transformed into SKY. This rebranding signifies a new beginning for the protocol and its users.
The transformation involves a process where users can exchange 1 DAI for 1 USDS token and 1 MKR for 24,000 SKY tokens. This change aims to make the individual SKY tokens more accessible and affordable to a broader audience. Currently, MKR tokens are trading at a high price of $2,123 each. By introducing SKY tokens, Maker hopes to democratize access to its ecosystem and expand its user base.
The rebranded Sky protocol promises a seamless and non-custodial experience for users through its platform, Sky.money. This platform will facilitate the swapping of ETH, USDC, and USDT into USDS, providing users with more flexibility and options. Assets deposited with Sky will always remain under user custody, ensuring greater security and control over their holdings.
Sky Protocol’s founder, Rune Christensen, highlighted the protocol’s focus on simplicity and usability in the DeFi space. The platform offers innovations such as Sky Token Rewards (STRs) and the Sky Savings Rate (SSR) to eligible users. These features aim to enhance the overall user experience and incentivize participation in the ecosystem.
As part of the rebranding, Maker’s “SubDAOs” have been rebranded as “Sky Stars.” These entities are connected to Maker’s governance but operate semi-independently with their own governance tokens and processes. The Sky Stars serve as the experimental layer within Maker, focusing on riskier innovations while the core Sky protocol remains dedicated to ensuring the stability of the USDS stablecoin.
The largest Sky Star, Spark, currently boasts a Total Value Locked (TVL) of $2.529 billion, making it one of the prominent players in DeFi lending. Maker itself has a TVL of $6.44 billion, solidifying its position as a major player in the DeFi ecosystem. The rebranding to Sky and the introduction of SKY tokens mark a significant milestone for Maker and its community, ushering in a new era of decentralized finance.
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