Maker Protocol, a pioneering force in decentralized finance (DeFi), has officially rebranded as Sky, marking a significant evolution in its mission to make DeFi more accessible. Along with this transformation, the protocol has introduced a new stablecoin named USDS and a governance token called SKY, designed to streamline user interaction and broaden the appeal of decentralized finance.
As part of this rebranding, the world’s largest decentralized stablecoin, formerly known as Dai (DAI), will now operate under the name USDS. Additionally, we have upgraded the Maker (MKR) governance token to the SKY token, which will function as the central governance asset within the Sky ecosystem.
Rune Christensen, co-founder of MakerDAO, emphasized that this rebranding effort represents “the next evolution of DeFi.” With a focus on simplicity and user-friendliness, the protocol aims to attract more mainstream users by eliminating some of the complexities that previously deterred them. Sky Token Rewards (STRs) and the Sky Savings Rate (SSR) are among the new features introduced to enhance the user experience, offering benefits to those in eligible jurisdictions.
Sky remains committed to its decentralized, community-governed, and non-custodial principles. We set the transition from MKR to SKY at a conversion rate of 1:24,000, thereby increasing the tokens’ accessibility to a wider audience. This shift aims to improve the overall user experience by increasing the supply of SKY tokens, allowing more people to engage with the Sky ecosystem beyond just fractional ownership.
Additionally, we will rebrand Maker’s SubDAOs as Sky Stars. These independent projects will continue to operate autonomously within the Sky ecosystem, each contributing to the overall growth and innovation of the protocol. The first of these rebranded subDAOs is Spark, a decentralized liquidity protocol offering a 6% yield on DAI deposits while enabling users to borrow USDS at a 7% interest rate.
Sky’s rebranding is a strategic move to position itself at the forefront of the DeFi landscape, simplifying access, and introducing new features that promise to attract a wider range of users. As the ecosystem evolves, Sky aims to continue its role as a leader in the decentralized finance space, driving innovation and expanding its reach.
