The decentralized finance ( defi) lending platform Makerdao is embracing a new identity, rebranding as Sky, according to co-founder Rune Christensen. Along with the fresh name, the platform will introduce two new assets: a stablecoin dubbed USDS and a governance token named SKY, both slated for a mid-September launch.
Defi Giant Makerdao Rebrands as Sky, Introduces USDS Stablecoin and SKY Token
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Sky Unveils USDS and SKY Tokens Amid Makerdao Rebranding
Makerdao, a well-known defi lending app and decentralized autonomous organization ( DAO) is transitioning to the name “Sky.” Rune Christensen, one of Maker’s co-founders, describes this shift as a complete metamorphosis for the platform. In a video shared on X, Christensen revealed that the team has been diligently working on this transformation for the past two years.
As part of the Sky rebrand, the team has unveiled a new website, sky.money, and introduced two fresh crypto assets to the market. The USDS stablecoin can be exchanged for Makerdao’s DAI token on a 1:1 basis, while the SKY governance token is considered an “enhanced version of MKR.” Importantly, the original tokens, DAI and MKR, will continue to exist, with each MKR token being equivalent to 24,000 SKY tokens.
The team is also rolling out a Sky Savings Rate, as stated in the announcement. However, the sky.money web portal isn’t accessible in the United States. If a U.S. resident tries to visit the site, they’ll see a message that says, “Unfortunately, your region is not eligible for the launch campaign.” The Tuesday announcement discloses that “some features, such as the token activation rewards and the Sky Savings Rate, will not be available in all jurisdictions.”
“The unveiling of Sky marks the next evolution of defi,” Christensen said in the announcement release. “Put simply, Sky is the best place to get rewarded for saving without giving up control. The protocol has been built with a relentless focus on simplicity and ease of use.”
What do you think about the Makerdao rebrand to Sky and the two new tokens? Share your thoughts and opinions about this subject in the comments section below.
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