Cryptocurrency platform MakerDAO has announced a rebranding and renamed itself to Sky Protocol. This change also includes new names for the project’s main tokens.
MakerDAO Rebranding
The decentralized finance platform MakerDAO has rebranded to Sky Protocol. In the announcement dated August 27, it was noted that new tokens have been introduced. Maker’s governance token MKR is now SKY, while the stablecoin Dai (DAI) has been renamed Sky Dollar with the ticker USDS.
User Options
According to the Sky Protocol team, holders of DAI and MKR will be able to swap these tokens for USDS and SKY. MKR will be swapped for the upgraded version SKY at the ratio of 1:24,000, meaning 1 MKR will convert to 24,000 SKY. The Sky Dollar, which offers access to native rewards in the Sky ecosystem, will swap 1:1 for DAI. The new tokens are set to launch on September 18, with MKR and DAI holders having the option to swap them for the upgraded tokens. Sky will also allow for swapping of Ethereum (ETH), USDC, and Tether (USDT) into the new stablecoin USDS.
Market Reaction
Maker’s price rose slightly following the announcement, breaking above $2,165. The 24-hour trading volume also increased, up 139% at the time of writing to over $151 million.
The rebranding of MakerDAO to Sky Protocol and the introduction of new tokens have garnered user attention and impacted the market. Token swaps and new opportunities are likely to influence the future development of the Sky ecosystem.
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