Maker Protocol Rebrands as Sky, Dai Stablecoin Renamed to USDS
The well-known DeFi lending platform Maker Protocol has undergone a significant rebranding and is now known as Sky. Maker’s well-known decentralized stablecoin, Dai (DAI), has been renamed USDS as part of this rebranding. In this new ecosystem, the platform’s native governance token, formerly known as MKR, has also been improved and rebranded as Sky (SKY).
Rune Christensen, a co-founder of MakerDAO, has referred to this change as the “next evolution of DeFi,” emphasizing the importance of improving accessibility and usability for decentralized finance. Important features that prioritize ease of use and simplicity, such as Sky Token Rewards (STRs) and the Sky Savings Rate (SSR), are now accessible to users in locations that qualify.
Maker’s SubDAOs have undergone a rebranding and will now be referred to as Sky Stars. Each of these independent and autonomous projects will continue to be essential to the Sky ecosystem. The first Sky Star to go live is Spark, an open-source decentralized liquidity protocol that lets users borrow USDS at a 7% interest rate and earn 6% on DAI deposits.
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Every Sky Star will be allowed to issue its own token for governance, oversee its own finances, and make choices on its own. Christensen claims that while the fundamental Sky Protocol concentrates on preserving the stability and security of the USDS stablecoin, this framework enables Sky Stars to innovate and take calculated risks.
The MKR token will be upgraded to SKY at a 1:24,000 ratio in accordance with this rebranding, with the goal of democratizing access to the ecosystem. According to Christensen, the expanded supply of SKY tokens will improve user experience by facilitating the purchase of larger quantities of the token, which will draw in a larger user base.
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