33

On August 27, MakerDAO rebranded as Sky, marking a significant shift for the DeFi giant. The rebrand introduces two new tokens, USDS (a stablecoin) and SKY (a governance token), set to launch on September 18 as part of the “Endgame” overhaul.

Purpose of the Sky Rebrand
Founder Rune Christensen described the rebrand as a way to simplify MakerDAO’s complex protocol, making it more user-friendly. Sky will also launch a new website and app on September 18, offering a streamlined interface.

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. pic.twitter.com/Qc25KRPzR8

— Sky (@SkyEcosystem) August 27, 2024

Token Upgrades and New Incentives
Current DAI and MKR tokens will remain but can be upgraded to USDS and SKY. Each MKR can convert to 24,000 SKY tokens, and DAI will convert to USDS one-to-one. A new farming mechanism will emit SKY tokens, and early adopters can earn double yields with the Sky Savings Rate (SSR).

Sky Stars: Independent Decentralized Projects
The metaDAO ecosystem will be rebranded as “Sky Stars,” decentralized projects with their own governance, tokens, and treasuries. The first Sky Star, Spark, will allow users to borrow USDS by supplying cryptocurrency as collateral.