Maker, one of the pioneering DeFi lending platforms on Ethereum, has recently undergone a rebranding to “Sky” alongside significant upgrades to its decentralized stablecoin ecosystem. This rebranding includes renaming its stablecoin from DAI to USDS and its governance token from MKR to SKY. Additionally, users can now access the upgraded SKY token by supplying USDS to the Sky protocol through Sky.money, marking an important shift in the project’s evolution.
Under the new system, 1 DAI can be exchanged for 1 USDS token, and 1 MKR can be converted to 24,000 SKY tokens. This move is aimed at making individual SKY tokens more accessible and affordable than MKR tokens, which are currently trading at a high price of $2,123 each. With MKR ranking 41st in terms of market capitalization among all cryptocurrencies, the rebranding to SKY represents a strategic shift for Maker in the competitive DeFi landscape.
Sky.money, powered by the decentralized Sky Protocol, aims to provide seamless and non-custodial access to Sky’s tokens and rewards through a user-friendly interface. The protocol’s design allows for the seamless swapping of ETH, USDC, and USDT into USDS, offering users a diverse range of options for managing their assets. Notably, assets deposited with Sky will always remain in user custody, allowing for easy withdrawal without the need for permission from the protocol.
According to MakerDAO co-founder Rune Christensen, the rebranding to Sky reflects the project’s commitment to the next phase of DeFi evolution. The protocol emphasizes simplicity and ease of use, enabling users to benefit from innovative features such as Sky Token Rewards (STRs) and the Sky Savings Rate (SSR), provided they are in eligible jurisdictions. The rebranding also involves renaming Maker’s “SubDAOs” to “Sky Stars,” which serve as semi-independent DAOs connected to Maker governance, focusing on riskier innovation while Sky itself prioritizes the stability and security of the USDS stablecoin.
The Sky Protocol has already attracted significant interest, with its first and largest Sky Star, Spark, boasting $2.529 billion in Total Value Locked (TVL) according to DeFiLlama. This makes Spark the third-largest lending protocol in DeFi, trailing only behind Aave and JustLend. Maker, on the other hand, has a TVL of $6.44 billion excluding certain sub-protocols, solidifying its position as the fourth-largest DeFi protocol overall.
The rebranding of Maker to Sky and the introduction of the upgraded SKY token mark a significant milestone in the project’s evolution within the DeFi space. With a renewed focus on accessibility, innovation, and decentralized governance, Sky Protocol is poised to play a key role in shaping the future of decentralized finance.