MakerDAO, one of the largest and most sustainable decentralized finance (DeFi) protocols, is gearing up for a major change with a major rebrand scheduled to take place next month.
MakerDAO, the largest collateralized debt protocol, announced on August 27 that it will rebrand to “Sky” and roll out its new stablecoin, USDS, on September 18. The rebrand marks a major milestone in MakerDAO’s ambitious and controversial “Endgame” overhaul.
Rune Christensen, founder of MakerDAO, Chia The Defiant:
“Sky represents a complete transformation of Maker, synthesizing all the knowledge the organization has accumulated over the years. It solves Maker's problem: that it is not user-friendly enough.”
Rebranding
Christensen said the rebranding to Sky is designed to provide a simpler user experience. The rebranding will be accompanied by the launch of a new website and app that will provide a user interface for Sky. Maker will also introduce a new stablecoin, USDS, and a new Governance Token , SKY, as part of the upgrade.
Maker's current stablecoin Dai and Governance Token MKR will continue to exist, with users able to upgrade their Token to USDS and SKY at will. Each MKR Token can be converted into 24,000 SKY Token , while Dai will convert into USDS at a 1:1 ratio. Maker also plans to launch a SKY emission farm in the future.
The new user interface will make it easier to access new features, including “ Token activation rewards” and the Sky Savings Rate (SSR). To incentivize users, Sky will offer double the SSR interest rate for the first month. While the protocol does not disclose the annual percentage yield (APY) through SSR, the Dai Savings Rate is currently at 6%.
Dai is currently the third-largest stablecoin with a market Capital of $5.34 billion. MKR is the 53rd-largest cryptocurrency with a market Capital of $1.93 billion. With each MKR Token valued at over $2,000, the re-pricing to SKY is intended to make the asset more accessible to retail investors.
In May, Christensen announced that Maker would launch two new stablecoins as part of its Endgame rollout.
Sky Stars
Maker also plans to rebrand its upcoming metaDAO ecosystem, with subDAOs being called “Sky Stars” in the future. Stars will be independent decentralized projects that perform specialized activities within the MakerDAO ecosystem. Stars will have their own business models, Token, governance systems, and treasuries. Users will be able to farm Token issued by Stars using USDS.
“Stars are a core pillar of scaling,” he said. “Think of them as Layer 2 solutions for governance, allowing parallel communities to specialize in different areas. Stars must be allowed to fail, which allows for experimentation with riskier ideas.”
