- MakerDAO rebrands as Sky, launching new tokens USDS and SKY on September 18, 2024, as part of its strategic Endgame Plan.
- The USDS token will replace DAI, and SKY will replace MKR, with a conversion rate of 24,000 SKY for each MKR.
- Aave plans to cease DAI support due to MakerDAO’s decision to back DAI with Ethena Labs’ synthetic dollar, USDe.
MakerDAO has announced a significant rebranding initiative, transitioning to the name Sky. This change accompanies the launch of two new tokens, USDS and SKY, set to go live on September 18, 2024.
The strategic move is part of the Endgame Plan spearheaded by co-founder Rune Christensen. The plan aims to revitalize and expand the decentralized finance (DeFi) ecosystem.
Transition and New Tokens
The shift from MakerDAO to Sky signifies more than a mere name change. It represents an ambitious vision for transforming the organization’s structure. The purpose is to improve the growth, accessibility, and resilience of the DeFi economy. The new USDS token will replace the popular DAI stablecoin, providing an upgraded version that allows users to transfer their existing assets.
The governance token SKY will replace MKR, with a conversion rate of 24,000 SKY for each MKR. These tokens will provide advanced functionalities, including access to the Sky Savings Rate (SSR) and Sky Token Rewards (STRs). These features are designed to encourage and reward participation in the protocol.
Sky Stars and New Platforms
A fundamental aspect of the rebranding is the introduction of the Sky Stars concept. This includes independent decentralized projects within the ecosystem. The first project under this initiative will be the Spark protocol. It is designed to drive rapid innovation while maintaining autonomy within the broader Sky framework.
Additionally, MakerDAO will launch a new platform called Sky.money. This platform will offer non-custodial access to the protocol, simplifying user interaction with Sky’s tools. However, some features like the SSR and STRs will face restrictions in certain countries due to regulatory considerations.
Conflict with Aave
The rebranding comes at a crucial time as MakerDAO has faced disagreements with Aave. These tensions have intensified due to MKR’s decision to back a significant portion of DAI with Ethena Labs’ synthetic dollar, USDe. This move is seen as risky by some in the DeFi community. Consequently, Aave has proposed ceasing support for DAI as collateral on its platform, citing potential systemic risks.
The transition from MakerDAO to Sky marks a pivotal moment in the DeFi landscape. With the introduction of new tokens and platforms, Sky aims to redefine its role in the ecosystem. However, the ongoing conflict with Aave highlights the challenges that lie ahead.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
