search
Homeweb3.0MakerDAO Rebrands as 'Sky,” Introduces New USDS Stablecoin and SKY Governance Token

On August 27, MakerDAO, a leading name in decentralized finance (DeFi), announced its rebranding as “Sky” as part of its broader strategy to enhance the protocol’s scalability and accessibility.

MakerDAO Rebrands as 'Sky,” Introduces New USDS Stablecoin and SKY Governance Token

MakerDAO, a decentralized finance (DeFi) pioneer, has announced its rebranding to “Sky” in a bid to enhance the protocol’s scalability and accessibility.

As part of the rebranding, Sky will introduce two new tokens — USDS, an upgraded version of the DAI stablecoin, and SKY, a new governance token replacing MKR.

The move is designed to make decentralized finance more user-friendly and accessible to a broader audience. For instance, USDS, the new stablecoin, is intended to be a more resilient and scalable alternative to DAI. It will offer the same 1:1 conversion rate as DAI, ensuring a smooth transition for users.

Meanwhile, the SKY token will serve as the upgraded governance token, providing enhanced functionality. This includes access to the Sky Savings Rate (SSR) and Sky Token Rewards (STRs), which will reward user participation.

Both USDS and SKY tokens will be available for user selection, allowing them to decide whether to transition to the new tokens. Each MKR token can be exchanged for 24,000 SKY tokens, while DAI can be swapped 1:1 with USDS.

The introduction of these tokens also aligns with Sky's broader “Endgame Plan,” which aims to address some of the core challenges facing DeFi today, including scalability and regulatory compliance.

The Endgame Plan, as envisioned by MakerDAO’s co-founder Rune Christensen, serves as the foundation for Sky’s transformation.

It introduces the concept of “Sky Stars,” independent decentralized projects designed to foster innovation within the Sky ecosystem while maintaining autonomy. The plan also includes the launch of Sky.money, a non-custodial platform intended to simplify access to the Sky protocol.

However, Sky's transition also takes into account regulatory compliance, with certain features like SSR and STRs being restricted in specific jurisdictions. This careful approach showcases Sky’s commitment to adhering to global regulations while expanding its reach within the DeFi space.

“After the core elements described above go live, Sky will focus on bringing the next round of innovations to market. The following are expected to be live soon after the initial September 18 launch date,” Christensen said in a governance post.

The DeFi community has had mixed reactions to the rebranding. While some applaud the move as a necessary evolution in response to market demands, others are concerned that it shifts away from the decentralized principles that originally defined MakerDAO.

Critics argue that USDS, despite its technical advancements, could compromise the decentralization ethos that DAI once embodied.

“MakerDAO was an OG DeFi protocol aiming to build an autonomous, decentralized stablecoin with low volatility against fiat currency, backed by ETH. DAI is now migrating to USDS, a stablecoin that goes against its original vision,” Lumberg, one of the prominent DeFi community members, commented.

Others are concerned about the long-term effects on the DeFi sector. They suggest that introducing USDS and SKY may lead to a centralization trend within the space.

“For all intents and purposes, there is no reason to use DAI anymore. It’s literally just USDC with a different name,” another community member remarked.

According to DefiLlama data, Maker is the fourth largest DeFi protocol, with a total value locked (TVL) of $6.28 billion. The data also shows that DAI is the third largest stablecoin, trailing Tether’s USDT and Circle’s USDC. DAI’s market capitalization is $5.25 billion at the time of writing.

The above is the detailed content of MakerDAO Rebrands as 'Sky,” Introduces New USDS Stablecoin and SKY Governance Token. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Top 10 virtual currency exchange app rankings The latest ranking of top 10 exchanges in the currency circle in 2025Top 10 virtual currency exchange app rankings The latest ranking of top 10 exchanges in the currency circle in 2025Apr 30, 2025 am 10:15 AM

Top 10 virtual currency exchange app rankings: 1. Binance, 2. OKX, 3. Coinbase, 4. Kraken, 5. Huobi, 6. Bitfinex, 7. Bittrex, 8. Poloniex, 9. KuCoin, 10. Gemini, each exchange is highly respected for its trading volume, currency richness, security, user-friendliness and other characteristics.

MVRV Ratio as an Analytical Lens, Not a Predictive ToolMVRV Ratio as an Analytical Lens, Not a Predictive ToolApr 30, 2025 am 10:14 AM

Keep up with the latest in crypto market commentary as we share the insights from our institutional research partners.

Edge Blockchain Design Targets Institutional Use CasesEdge Blockchain Design Targets Institutional Use CasesApr 30, 2025 am 10:12 AM

Miden, an independent blockchain protocol, has secured $25 million in seed funding to develop its zero-knowledge (ZK) infrastructure for privacy-centric

In a Maturing Crypto Market, Seasoned Investors Are Sharpening Their FocusIn a Maturing Crypto Market, Seasoned Investors Are Sharpening Their FocusApr 30, 2025 am 10:10 AM

In a maturing crypto market, seasoned investors are beginning to sharpen their focus on early-stage opportunities with asymmetric upside.

The US Securities and Exchange Commission (SEC) delayed decisions on five crypto-related exchange-traded funds (ETFs) applicationsThe US Securities and Exchange Commission (SEC) delayed decisions on five crypto-related exchange-traded funds (ETFs) applicationsApr 30, 2025 am 10:08 AM

The postponements affect Franklin Templeton's spot Solana (SOL) and XRP ETFs, Grayscale spot Hedera (HBAR) ETF, Bitwise spot Dogecoin (DOGE) ETF

title: A closely followed analyst believes that the crypto markets are primed for a corrective move following strong rallies over the past couple of weeks.title: A closely followed analyst believes that the crypto markets are primed for a corrective move following strong rallies over the past couple of weeks.Apr 30, 2025 am 10:04 AM

Pseudonymous analyst Altcoin Sherpa tells his 245200 followers on the social media platform X that he thinks “a dip is going to come soon,” but he doesn't see any reason to be super bearish once the correction takes place.

Virtuals Protocol (VIRTUAL) Soars Past $1.50 as Binance.US Opens TradingVirtuals Protocol (VIRTUAL) Soars Past $1.50 as Binance.US Opens TradingApr 30, 2025 am 10:02 AM

Virtuals Protocol (VIRTUAL), a popular AI agent project, soared past $1.50 early Tuesday after Binance.US opened trading for the altcoin.

BNB is not just another token - it is the fuel, the bony, the world's largest crypto exchange, and BNB ChainBNB is not just another token - it is the fuel, the bony, the world's largest crypto exchange, and BNB ChainApr 30, 2025 am 10:00 AM

Originally started as an ERC 20 token on Ethereum in 2017, BNB has now been migrated to its own blockchain and has developed into a hybrid Exchange

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

Video Face Swap

Video Face Swap

Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Tools

Dreamweaver CS6

Dreamweaver CS6

Visual web development tools

SAP NetWeaver Server Adapter for Eclipse

SAP NetWeaver Server Adapter for Eclipse

Integrate Eclipse with SAP NetWeaver application server.

PhpStorm Mac version

PhpStorm Mac version

The latest (2018.2.1) professional PHP integrated development tool

Atom editor mac version download

Atom editor mac version download

The most popular open source editor

Safe Exam Browser

Safe Exam Browser

Safe Exam Browser is a secure browser environment for taking online exams securely. This software turns any computer into a secure workstation. It controls access to any utility and prevents students from using unauthorized resources.