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In a strategic move to accelerate decentralized finance (DeFi) adoption, Maker Protocol has undergone a rebranding and is now known as Sky.
Alongside the new name, the protocol has introduced new titles for its governance tokens and an enhanced version of its stablecoin, DAI.
The decentralized stablecoin DAI will be rebranded as USDS, while MKR, the governance token, will be replaced by SKY.
MakerDAO rebrands to Sky @SkyEcosystem
Starting from September 18, MakerDAO users will have the option to voluntarily upgrade their assets, exchanging each MKR token for 24,000 SKY coins.
In addition to the rebranding, users who hold the new USDS stablecoin will benefit from new features, including native token incentives that allow them to earn SKY as rewards.
However, the original MKR and DAI tokens will remain as legacy coins within the newly upgraded Sky network.
More changes
The groundbreaking move to rename Maker is among the modifications intended in the Endgame plan. Further changes include renaming Maker’s DAI Savings Rate (DSR) to Sky Savings Rate. DSR allows individuals to borrow stablecoin DAI at flexible interest rates.
Maker DAO reduced the DSR to 6% from 7% on recently after an executive vote approval. Meanwhile, SSR will be similar to DSR, with slight improvements in gas efficiency.
The latest Executive Vote has been approved by Maker Governance. → vote.makerdao.com/executive/temp… The following changes were executed within the Maker Protocol on August 15th at 13:24 UTC: 📊 WBTC Vault Debt Ceiling Reductions • WBTC-A, WBTC-B, and WBTC-C were removed from the…
Maker SubDAOs, which Maker depends on to enable innovation outside Maker DAO, will become Sky Stars.
Spark, a DeFi lending platform currently offering DAI depositors a 6% yield and 7% interest rate for USDS borrowers, will be the first SubDAO to launch.
Updated functionalities like the Sky Saving Rate and SKY token rewards will be available in selected jurisdictions.
Nonetheless, most of Maker’s existing characteristics will remain unaffected, with the new USDS backed by DAI’s exact mechanisms.
The primary objective of Maker’s rebrand is to make the protocol’s governance mechanisms undisputable to ensure sustainable and decentralized growth.
DAI is the 3rd largest stablecoin with $5.36 billion in market capitalization. Meanwhile, MKR’s $1.94 billion market capitalization ranks it the 53rd-largest crypto by value.
MKR’s current price action
Maker DAO’s native token reflected bullishness amid the rebrand updates. MKR gained 1.60% over the past 24 hours to hover at $2,143.44.
Source: CoinmarketcapIts daily trading volume approaches $90 million after skyrocketing 105% within the past day. That confirms surged interest from traders and investors, suggesting continued uptrends for MKR.
Enthusiasts will likely track MKR’s performance before the new token SKY begins trading on 18 September.
The rebrand will introduce new features and transform Maker’s DeFi capabilities. That will likely attract more investors and developers, boosting the protocol’s liquidity.
Interested participants can voluntarily upgrade their MKR and DAI assets from 18 September.
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