DeFi lending protocol Maker has been rebranded to Sky. Alongside, its native stablecoin DAI has been revamped to USDS. The protocol also unveiled Sky [SKY] — the native governance token for the wider ecosystem, as an upgraded version of the Maker [MKR] token.
Via a post on X, the team announced,
“Each MKR can be upgraded to 24,000 SKY.”
Meanwhile, holders can exchange DAI tokens 1:1 for USDS. That being said, it should be noted that DAI and MKR will stay in circulation. The new tokens will be issued on Sept. 18 and exist in tandem.
The ballooned-up supply of SKY will help improve the experience for investors who want to purchase more than just a fraction of the token.
Similar to the blueprint of MakerDAO, even the Sky Protocol will be decentralized, community-governed, and non-custodial.
The rebranding will help foster the “next evolution of DeFi. Commenting on the latest development, Rune Christensen, the co-founder of MakerDAO said,
“The fundamental factor was how to grow DeFi to gigantic scale, something as big as Tether or even bigger… The protocol has been built with a focus on simplicity and ease of use. It allows users to benefit from innovations such as Sky Token Rewards [STRs] and the Sky Savings Rate [SSR], provided they are in an eligible jurisdiction.”
As a part of the rebranding, Maker SubDAOs will henceforth be called Sky Stars. They will not shed off their independent decentralized projects connotation and will connect the Sky ecosystem via their business models and autonomy.
Each Sky Star subDAO can autonomously roll out a governance token, manage its treasury and community, and single-handedly enforce DAO decisions.
Spark is the first subDAO to go live. Notably, it is an open-source, decentralized liquidity protocol that offers users 6% returns on DAI token deposits. Alongside, it fosters USDS borrowing at a 7% rate of interest.
