Maker, a pioneer in the world of DeFi lending protocols on Ethereum, has undergone a major transformation, rebranding itself as “Sky” in conjunction with significant upgrades to its decentralized stablecoin system. The stablecoin DAI has been renamed to USDS, while the governance token MKR has been swapped out for SKY. This rebranding marks a new era for the protocol and its users.
With the rebranding, MKR can now be exchanged for SKY tokens at a rate of 1 MKR to 24,000 SKY tokens. This conversion makes SKY tokens more accessible to users compared to the high price of MKR tokens, currently trading at $2,123 each. By offering a more affordable token, Sky aims to expand its user base and encourage widespread adoption of its protocol.
Sky.money, powered by the decentralized Sky Protocol, provides users with seamless and non-custodial access to Sky’s tokens and rewards. Users can easily swap ETH, USDC, and USDT into USDS using the Sky protocol, all while maintaining custody of their assets. This user-centric approach ensures that users have full control over their funds and can withdraw them from the protocol at any time without needing permission.
Sky Protocol introduces innovative features such as Sky Token Rewards (STRs) and the Sky Savings Rate (SSR), aimed at incentivizing users to participate in the ecosystem. By focusing on simplicity and ease of use, Sky Protocol aims to provide a superior user experience while offering attractive rewards to users in eligible jurisdictions.
As part of the rebrand, Maker’s SubDAOs have been renamed to “Sky Stars.” These DAOs are interconnected with Maker governance but operate semi-independently, each with its own governance tokens and processes. Sky Stars serve as Maker’s experimental layer for riskier innovations, while the main focus of Sky remains on safeguarding the USDS stablecoin and mitigating potential risks.
In a bold move, Maker has positioned itself as a major player in the DeFi space with the rebranding to Sky. With Sky Stars like Spark, a lending protocol boasting $2.529 billion in TVL, Sky is making a significant impact in the DeFi landscape. Maker, with a TVL of $6.44 billion, excluding certain sub-protocols, solidifies its position as the 4th largest DeFi protocol, showcasing its strength and influence in the industry.
