📣 Sky Is Here to Stay: MakerDAO Supports Rebranding Efforts
posted 8 Nov 2024
MakerDAO voted to maintain the name “Sky” in connection with the recent rebranding tied to the long-term “Endgame” plan for transforming the protocol. The poll was conducted on November 4, 2024, and about 80% of voters supported the decision to keep the Sky brand.
As part of the rebranding, DAO participants supported the proposal to allow DAI holders to exchange their tokens for the new stablecoin Sky Dollar (USDS) at a 1:1 ratio. Additionally, a proposal was made to replace the governance token MKR with the SKY token at a ratio of 1:24,000.
Importantly, the DAI and MKR tokens will remain active, and there are currently no plans to discontinue their support.
Furthermore, the project aims to integrate with the Solana and Base networks, launch a staking protocol using SKY and MKR tokens, and create a cross-chain bridge called SkyLink for interoperability between EVM-compatible blockchains.
Distribution of MakerDAO Votes on the Sky Brand. Source: makerdao.com
Launched in 2014, the MakerDAO protocol was one of the first decentralized autonomous organizations (DAOs). The project is responsible for creating the algorithmic stablecoin DAI and the MKR token.
Rebranding MakerDAO to Sky
In late 2022, project founder Rune Christensen introduced the Endgame plan to revitalize MakerDAO. While the details of this plan have evolved over time, its main objective remains: to enhance MakerDAO's competitiveness and resilience compared to other DeFi platforms.
As part of the rebranding, DAO participants supported the proposal to allow DAI holders to exchange their tokens for the new stablecoin Sky Dollar (USDS) at a 1:1 ratio. Additionally, a proposal was made to replace the governance token MKR with the SKY token at a ratio of 1:24,000.
Importantly, the DAI and MKR tokens will remain active, and there are currently no plans to discontinue their support.
USDS has now secured the third position among stablecoins, pushing DAI down to fourth place. The market capitalization of USDS has surpassed $5.5 billion, compared to $5.3 billion for DAI.
Top 5 Stablecoins by Market Capitalization. Source: dropstab.com
Sky plans to launch entirely new stablecoins, including PureDAI—a decentralized and censorship-resistant token—and NewStable, specifically designed to meet regulatory requirements and target traditional markets.
Furthermore, the project aims to integrate with the Solana and Base networks, launch a staking protocol using SKY and MKR tokens, and create a cross-chain bridge called SkyLink for interoperability between EVM-compatible blockchains.
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