From MKR to SKY: What’s New With MakerDAO’s Rebranding?

Maker, one of the first and largest DeFi lending protocols on Ethereum, has rebranded to “Sky” following key upgrades to its decentralized stablecoin system.

DeFi lending protocol Maker has rebranded to “Sky” following key upgrades to its decentralized stablecoin system.

The stablecoin, previously known as DAI, has also been renamed to USDS, and the MKR governance token has been changed to SKY.

From MKR to SKY: What's New?

Announced via Twitter on Tuesday, SKY is described as an “upgraded version” of MKR, and is obtained by depositing USDS tokens into the Sky protocol via Sky.money.

1 DAI can be converted into 1 USDS token, and 1 MKR can be converted into 24,000 SKY tokens.

The conversion will make individual SKY tokens significantly more affordable than MKR tokens, which are currently trading for $2,123 apiece, according to CoinGecko. MKR is ranked 41 among all cryptocurrencies by market capitalization.

“Powered by the decentralized Sky Protocol, Sky.money will offer seamless and non-custodial access to Sky’s tokens and rewards through an exceptional user experience,” Sky wrote. The Sky protocol will enable “seamless swapping of ETH, USDC, and USDT into USDS,” they added.

All assets deposited with Sky will remain in user custody at all times, allowing them to withdraw their assets from the protocol without permission. If the DAO's decentralized governance permits it, users may also be able to earn tokens from other decentralized projects through Sky, the statement said.

The Evolution of DeFi

According to MakerDAO co-founder Rune Christensen, the rebrand to Sky is an effort to capture its role in the “next evolution of DeFi.”

“The protocol has been built with a […] focus on simplicity and ease of use,” he told CoinTelegraph. “It allows users to benefit from innovations such as Sky Token Rewards (STRs) and the Sky Savings Rate (SSR), provided they are in an eligible jurisdiction.”

The rebrand also includes renaming Maker's “SubDAOs” to “Sky Stars” – DAOs connected to Maker governance that still operate semi-independently, with their own governance tokens and processes.

Sky Stars are intended to serve as Maker's riskier innovation layer, while Sky itself remains dedicated to securing the USDS stablecoin and protecting against tail risks.

The first and largest Sky Star is Spark – a lending protocol with $2.529 billion in total value locked (TVL), according to DeFiLlama. This makes it the third largest lending protocol in all of DeFi, next to Aave and JustLend.

Maker itself has a TVL of $6.44 billion excluding certain sub-protocols, making it the 4th largest DeFi protocol.

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