Maker, a prominent DeFi lending protocol on Ethereum, recently underwent a rebranding to “Sky” alongside significant enhancements to its decentralized stablecoin system. This rebranding also extended to its stablecoin, previously known as DAI, now rebranded to USDS, and its governance token, which has changed to SKY.
The conversion process involves exchanging 1 DAI for 1 USDS token and 1 MKR for 24,000 SKY tokens. This conversion is aimed at making individual SKY tokens more accessible and affordable compared to the current price of MKR tokens, which are trading at $2,123 each.
Powered by the decentralized Sky Protocol, Sky.money offers seamless and non-custodial access to Sky’s tokens and rewards. The protocol allows for easy swapping of assets such as ETH, USDC, and USDT into USDS while ensuring that users retain custody of their assets at all times.
Sky emphasizes the importance of user experience and simplification in its protocol, aiming to provide users with innovative features like Sky Token Rewards (STRs) and the Sky Savings Rate (SSR), provided they are in eligible jurisdictions. This focus on simplicity and ease of use distinguishes Sky in the evolving DeFi landscape.
As part of the rebrand, Maker’s “SubDAOs” have been renamed to “Sky Stars” – DAOs connected to Maker governance that operate semi-independently with their governance tokens and processes. Sky Stars serve as Maker’s riskier innovation layer, while Sky remains focused on ensuring the security of the USDS stablecoin and mitigating tail risks.
One of the notable Sky Stars is Spark, a lending protocol with $2.529 billion in Total Value Locked (TVL), making it the third-largest lending protocol in DeFi following Aave and JustLend. Maker itself boasts a TVL of $6.44 billion, positioning it as the fourth largest DeFi protocol excluding certain sub-protocols.
The rebranding of Maker to Sky signifies a significant milestone in its journey to adapt to the evolving landscape of decentralized finance. By prioritizing user experience, accessibility, and innovation, Sky aims to establish itself as a key player in the DeFi ecosystem, offering unique features and opportunities for its users.
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