Stablecoin

Maker

DeFi

Rewards

MakerDAO officially&nbsp;<a style="text-decoration:none" href="https://x.com/SkyEcosystem/status/1828405625828843710" rel="noopener noreferrer nofollow">rebranded</a> to Sky. This transformation is part of the protocol’s ambitious “Endgame” overhaul, aimed at making DeFi more accessible to the masses.&nbsp;
<div>
 <blockquote class="twitter-tweet">
 Sky is here. The best and easiest place to get rewarded for saving without giving up control. Discover the upgraded tokens, new features, and boosted Sky Token Rewards for early sign-ups. Follow this thread for the latest news and updates about SkyLaunch. <a href="https://t.co/Qc25KRPzR8" rel="noopener noreferrer nofollow">pic.twitter.com/Qc25KRPzR8</a>— Sky (@SkyEcosystem) <a href="https://twitter.com/SkyEcosystem/status/1828405625828843710?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 27, 2024</a>
 </blockquote>
</div>
Alongside the rebrand, MakerDAO announced the deployment of its new stablecoin, USDS, set to launch on September 18, 2024.
<h2 dir="ltr" id="span-span-from-makerdao-to-sky-span-span">From MakerDAO to Sky</h2>
MakerDAO has long been recognized as one of the most influential DeFi protocols. Its flagship product, the Dai stablecoin, has been a cornerstone of the decentralized economy.&nbsp;
&nbsp;
With the rebrand, the protocol has introduced USDS as the upgraded version of Dai and Sky (SKY) as the new governance token, replacing the Maker (MKR) token.&nbsp;
&nbsp;
Users can voluntarily upgrade their MKR and DAI tokens to the new SKY and USDS tokens starting September 18. The upgrade process offers a favorable exchange rate, with each MKR token converting into&nbsp;<a style="text-decoration:none" href="https://x.com/SkyEcosystem/status/1828405628307399012" rel="noopener noreferrer nofollow">24,000 SKY tokens</a>, while DAI will convert to USDS on a one-to-one basis.
&nbsp;
The decision aims to make the governance token more accessible, particularly to smaller investors who may have been deterred by MKR's high price.
&nbsp;
Users can participate in governance decisions and earn rewards with Sky's native governance token, SKY.
<h2 dir="ltr" id="span-span-new-features-and-incentives-span-span">New Features and Incentives</h2>
Sky's rebranding brings new features and incentives to the DeFi community. Among these is the Sky Savings Rate (SSR), which offers rewards to users who hold USDS, according to a Aug. 27&nbsp;CoinTelegraph report.
&nbsp;
For the first month after launch, Sky will offer double SSR yields to incentivize early adoption. Although the exact annual percentage yield (APY) has not been disclosed, this approach mirrors the success of the DAI Savings Rate, which currently stands at 6%.
&nbsp;
In addition, the new Sky Token Rewards (STRs) program will reward users with SKY tokens for holding USDS. These rewards are part of the protocol’s strategy to foster a more engaged and participatory community.
<h2 dir="ltr" id="span-span-sky-stars-the-next-phase-of-metadao-span-span">Sky Stars: The Next Phase of MetaDAO</h2>
As part of the rebranding, MakerDAO’s metaDAO ecosystem will also undergo a transformation. The subDAOs, previously integral to the Maker ecosystem, will now be known as Sky Stars. These independent decentralized projects will operate within the broader Sky protocol, each with its own business model, token, governance, and treasury.
&nbsp;
Sky Stars will focus on specialized operations and will allow users to farm tokens issued by these subDAOs using USDS, according to&nbsp;The Defiant. This decentralized approach aims to create a more diverse and resilient ecosystem, encouraging innovation and collaboration within the Sky community.
<h2 dir="ltr" id="span-span-the-vision-behind-the-rebrand-span-span">The Vision Behind the Rebrand</h2>
In a statement, Rune Christensen, one of the protocol’s leading figures, noted the importance of simplicity and ease of use in the new Sky protocol.
<blockquote>
 “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,” Christensen stated in an interview with CoinTelegraph.
</blockquote>
The decision to rebrand Dai to USDS was driven by a desire to appeal to a broader audience. Christensen pointed out that the name “Dai” lacked the universal recognition that a stablecoin with “USD” in its name could offer. The rebrand to USDS is expected to resonate more with everyday users, potentially accelerating adoption.

MakerDAO Rebrands as 'Sky' and Introduces New Stablecoin USDS

Table of Contents

BSCN

Other articles published on Aug 30, 2024

Buterin Again Transfers $2.01 Million Worth Ethereum To Multisig Wallet

SEC Halts Submission of 19b-4 Form for Solana ETF Amid Security Classification Concerns

Empower Your Trading Journey at the Davao Traders Fair 2024: A Transformative Experience

XRP Price Declines, Stellar’s Financial Inclusion And Qubetics Whitelist Offerings Capture Market...

Elon Musk Wins Lawsuit Claiming He Manipulated Dogecoin Price

Ripple CTO: Selling XRP; Not Burning, Fuels Growth

Join our free newsletter for daily crypto updates!