Sky, the collateralized debt protocol formerly known as MakerDAO, has announced the launch of 1 new decentralized application (dApp) and 2 new Token after months of anticipation.
On September 18, Sky’s new Governance Token SKY and stablecoin USDS launched on mainnet along with an improved Sky dApp, allowing users to migrate from MKR and Dai to the new Token , with each MKR redeemable for 24,000 SKY while Dai is converted to USDS at a one-to-one ratio.
Both MKR and Dai will remain active despite the launch of the new Token . Dai currently ranks as the third-largest stablecoin with a market Capital of $5.18 billion, while MKR is the 60th-largest cryptocurrency with a market Capital of $1.31 billion.
Users can access Sky Savings Rate (SSR) through the new Sky dApp to earn a 6% annualized return on USDS deposits, and the return rate doubles to 12% in Sky’s first month of operation to encourage adoption. Sky dApp will also host a farm that will allow users to generate returns from SKY in the future.
Sky also announced that Chronicle (the proprietary decentralized oracle network that has been securing MakerDAO since 2017) launched as a Sky subDAO or “Star” on September 18. USDS holder can now supply their USDS to Chronicle to earn points.
“Chronicle is proud of our history with Sky as the exclusive oracle securing the Maker Protocol since 2017. We will continue to exclusively support the important work Sky is doing by providing a secure, transparent, resilient, and low-cost oracle for the protocol and by remaining an active member of the community,” noted Chronicle founder Niklas Kunkel.
Sky is hosting a launch party to celebrate the new products at the Token2049 conference in Singapore.
MakerDAO rebranded to Sky on August 27 as part of a comprehensive Endgame overhaul. Endgame, first proposed two years ago, had a roadmap to simplify the protocol by reorganizing Sky into a series of subDAOs called Stars. Each Star has its own separate Token and governance mechanisms.
“Sky represents a complete transformation from Maker, encompassing all the knowledge the organization has accumulated over the years. It solves the problem of Maker not being easily accessible,” said MakerDAO founder Rune Christensen.
Sky's first SubDAO is the Spark lending protocol, which currently ranks as the 12th largest DeFi protocol with $2.27 billion in Total Value Locked since its launch in May 2023. MakerDAO ranks 6th by TVL with $5.09 billion.
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Dinh Dinh
According to The Defiant
