📣 Sky Considers Reviving the Maker Brand
posted 23 Oct 2024
The developers of Sky (previously known as MakerDAO) are weighing the possibility of bringing back the original Maker brand. While the new USDS token has seen success, surpassing $1 billion in market cap just two weeks after its launch, the rebrand has faced several challenges.
For example, the core community has reacted coolly to the changes. This is reflected in the market cap of the DAI stablecoin, which has remained at $4.7 billion throughout this period. Moreover, the new names, features, and structures have complicated tracking the roadmap and the token issuance process.
It is also now more clear than ever just how much the DeFi community loves and trusts the Maker brand. There was a lot of affinity for the brand and what it stands for - stability, security and DeFi scale. And there is a lot of commitment to holding the MKR token versus upgrading to SKY,said Rune Christensen, co-founder of the project.
During the discussions, the developers proposed a strategy that would keep both brands—Sky and Maker. In this scenario, Maker would support key tokens like USDS and DAI, with MKR remaining the sole governance token, while the protocol would receive certain updates.
Sky, meanwhile, would be positioned as a DeFi platform focused on generating income through Maker’s products. Other proposals include keeping Sky as the primary brand, reviving the classic Maker brand, or introducing an updated version that blends the rebrand’s elements.
The community call is scheduled for October 25. Major points of concern include the perceived unnecessary costs of the rebrand (approximately $25 million) and the potential for the USDS token to be frozen at the smart contract level to comply with international sanctions.
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