MakerDAO Becomes Sky: New USDS and SKY Tokens Coming Soon

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by Giorgi Kostiuk

2 years ago

Made with AI

  1. MakerDAO Rebranding to Sky
  2. New Tokens and Their Functions
  3. Sky Stars Concept and Sky.money Platform


    4. MakerDAO has announced its rebranding to Sky and the launch of two new tokens, USDS and SKY, set to go live on September 18, 2024. This transformation is part of the 'Endgame Plan' by co-founder Rune Christensen, aiming to rejuvenate and expand the DeFi ecosystem.

    MakerDAO Rebranding to Sky

    The transition from MakerDAO to Sky represents more than just a name change. It is an ambitious vision to transform the organization’s structure to enhance the growth, accessibility, and resilience of the DeFi economy.

    New Tokens and Their Functions

    The new USDS token will replace the well-known stablecoin DAI, offering an improved version that allows users to migrate their existing assets. The governance token SKY will replace MKR, with a conversion rate of 24,000 SKY per MKR. These tokens will provide advanced functionalities, including access to the Sky Savings Rate (SSR) and Sky Token Rewards (STRs), aimed at encouraging and rewarding participation in the protocol.

    Sky Stars Concept and Sky.money Platform

    A fundamental part of the rebranding is the 'Sky Stars' concept, which includes independent decentralized projects within the ecosystem. The first project under this initiative will be the Spark protocol, designed to drive rapid innovation while maintaining autonomy. Additionally, MakerDAO will launch a new platform called Sky.money, which will offer non-custodial access to the protocol, simplifying user interaction with Sky’s tools. However, some features like the SSR and STRs will be subject to restrictions in certain countries due to regulatory considerations.

    The rebranding comes at a crucial time, with disagreements arising between MakerDAO and Aave. MKR's decision to back a significant portion of DAI with Ethena Labs’ synthetic dollar, USDe, has been seen as risky by some in the DeFi community, leading Aave to propose ceasing support for DAI as collateral on its platform, citing potential systemic risks.

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