Sky, formerly known as MakerDAO, a decentralized finance (DeFi) platform, is considering a return to its original brand, Maker.
This is due to the successful launch of the decentralized stablecoin USDS. However, concerns have been raised within the community about the potential for confusion regarding the platform's token.
Sky community discusses a return to MakerDAO
Rune Christensen, a co-founder of Sky, recently revealed on X (formerly Twitter) that the platform is considering a return to the MakerDAO brand. This comes after concerns were raised within the community about the brand name and the utility of the SKY token.
Specifically, some users feel that the dual role of the protocol's name and the SKY token as a governance token is confusing. Additionally, the re-designation of MKR (the original governance token of Maker) to SKY was not well-received by all.
"The problem is not the name Sky. The problem is that all MKR needs to be upgraded to SKY. The cause of the confusion is that Maker and Sky coexist in the market," a community member commented.
The community has also expressed strong support for the original Maker brand, citing concerns about stability and security. Many MKR holders are reluctant to transition to the new SKY token and prefer to maintain the existing Maker identity.
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In response, Christensen has proposed a governance vote to determine the future of the Maker and Sky brands. He also emphasized the need to address community feedback on token economics and branding. Under this backdrop, the community will choose from three main options:
- Maintain Sky as the core brand. This option would leverage the recent successes of the community to preserve the value of the Sky brand.
- Reestablish the original identity with the Maker brand. This would bring Maker back to the forefront of the ecosystem and designate MKR as the sole governance token.
- Reestablish the Maker brand with a new identity. This compromise would revive the Maker brand while adjusting it with a modern design to align with the platform's new functionalities.
To gather additional feedback, the team has scheduled a community call on October 25th. Governance voting will then commence on October 28th, allowing the community to vote on the platform's future direction, potential changes to the token economics, and the role of the Sky brand and SKY token.
Christensen emphasized the importance of ensuring fair treatment for all users, regardless of the direction chosen by the community. This includes users who have received SKY token rewards. He also expressed confidence that the platform's core functionalities will not change, regardless of the voting outcome.
Sky roadmap amid USDS stablecoin success
Christensen's post also outlined Sky's upcoming roadmap, highlighting that the platform's initial success is just the beginning. Going forward, the team will focus on expanding USDS to Ethereum Layer-2 and Solana. They also plan to integrate the stablecoin with various blockchains and blue-chip DeFi protocols.
In the long term, Sky aims to develop new products, such as the Spark Liquidity Layer and an AI-based governance system. According to Christensen, these initiatives will simplify the platform's operations and accelerate its expansion, making it more user-friendly for those seeking to participate in the DeFi ecosystem.
The roadmap comes as the decentralized stablecoin has achieved notable success. Since its rebranding, it has reached major milestones, with the USDS, launched around 8 weeks ago, now exceeding 1 billion in total supply. This rapid growth demonstrates strong demand, particularly from new users who previously did not interact with the ecosystem.
This performance validates the platform's strategy of using native token rewards to attract a new user base. As USDS has grown, inflows have increased across the broader DeFi ecosystem. According to Christensen, the total inflow since the USDS launch has increased by $700 million, including inflows from Maker's original stablecoin, Dai (DAI), which has now grown the total DAI supply to $4.7 billion.
USDS has integrated with major DeFi protocols such as Aave, Ethena, and Morpho, solidifying its position within the broader DeFi space. Additionally, the Sky website has recorded over 400,000 visits in its first month, serving as an accessible DeFi front-end.
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Despite the positive results, the community is not entirely satisfied with some actions. For example, during the Wintermute hack, up to $160 million in assets were moved to Curve to prevent freezing. Many members have expressed concerns about Christensen's explanation of USDS's freezing feature as an optional upgrade, believing that this level of control undermines the platform's decentralized nature.
