- MakerDAO rebrands as Sky, launching new tokens USDS and SKY on September 18, 2024, as part of its strategic Endgame Plan.
- The USDS token will replace DAI, and SKY will replace MKR, with a conversion rate of 24,000 SKY for each MKR.
- Aave plans to cease DAI support due to MakerDAO’s decision to back DAI with Ethena Labs’ synthetic dollar, USDe.
MakerDAO has announced a significant rebranding initiative, transitioning to the name Sky. This change accompanies the launch of two new tokens, USDS and SKY, set to go live on September 18, 2024.
The strategic move is part of the Endgame Plan spearheaded by co-founder Rune Christensen. The plan aims to revitalize and expand the decentralized finance (DeFi) ecosystem.
Transition and New Tokens
The shift from MakerDAO to Sky signifies more than a mere name change. It represents an ambitious vision for transforming the organization’s structure. The purpose is to improve the growth, accessibility, and resilience of the DeFi economy. The new USDS token will replace the popular DAI stablecoin, providing an upgraded version that allows users to transfer their existing assets.
The governance token SKY will replace MKR, with a conversion rate of 24,000 SKY for each MKR. These tokens will provide advanced functionalities, including access to the Sky Savings Rate (SSR) and Sky Token Rewards (STRs). These features are designed to encourage and reward participation in the protocol.
Sky Stars and New Platforms
A fundamental aspect of the rebranding is the introduction of the Sky Stars concept. This includes independent decentralized projects within the ecosystem. The first project under this initiative will be the Spark protocol. It is designed to drive rapid innovation while maintaining autonomy within the broader Sky framework.
Additionally, MakerDAO will launch a new platform called Sky.money. This platform will offer non-custodial access to the protocol, simplifying user interaction with Sky’s tools. However, some features like the SSR and STRs will face restrictions in certain countries due to regulatory considerations.
Conflict with Aave
The rebranding comes at a crucial time as MakerDAO has faced disagreements with Aave. These tensions have intensified due to MKR’s decision to back a significant portion of DAI with Ethena Labs’ synthetic dollar, USDe. This move is seen as risky by some in the DeFi community. Consequently, Aave has proposed ceasing support for DAI as collateral on its platform, citing potential systemic risks.
The transition from MakerDAO to Sky marks a pivotal moment in the DeFi landscape. With the introduction of new tokens and platforms, Sky aims to redefine its role in the ecosystem. However, the ongoing conflict with Aave highlights the challenges that lie ahead.
The post MakerDAO Rebrands to Sky: New Tokens USDS and SKY Set to Launch in September appeared first on Crypto News Land.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed