MakerDAO is transforming into Sky and will launch new tokens, USDS and SKY, on September 18, 2024, as part of the “Endgame Plan.”
USDS will replace DAI and SKY will replace MKR, with a conversion rate of 24,000 SKY per MKR, and will offer new functionalities.
The “Sky Stars” concept will introduce independent decentralized projects, starting with the Spark protocol, and the new platform Sky.money.
MakerDAO has announced its rebranding to Sky and the launch of two new tokens, USDS and SKY, which will go live on September 18, 2024.
This transformation is part of the “Endgame Plan” by co-founder Rune Christensen, aiming to revitalize and expand the DeFi ecosystem.
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
The transition from MakerDAO to Sky represents more than just a name change. It is an ambitious vision to transform the organization’s structure and enhance the growth, accessibility, and resilience of the DeFi economy.
The new USDS token, which will replace the well-known DAI stablecoin, will offer an improved version allowing users to migrate their existing assets. Meanwhile, 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), aimed at encouraging and rewarding participation in the protocol.
MakerDAO And Aave Conflict
A fundamental part of the rebranding is the “Sky Stars” concept, which includes independent decentralized projects within the ecosystem.
The first project under this initiative will be the Spark protocol, designed to drive rapid innovation while maintaining autonomy within the broader Sky framework.
Additionally, MakerDAO will launch a new platform called Sky.money, which will offer non-custodial access to the protocol, simplifying user interaction with Sky’s tools.
However, some features like the SSR and STRs will be subject to restrictions in certain countries due to regulatory considerations.
The rebranding comes at a crucial time. MakerDAO has faced disagreements with Aave, which have intensified due to MKR’s decision to back a significant portion of DAI with Ethena Labs’ synthetic dollar, USDe.
This move has been seen as risky by some in the DeFi community and has led Aave to propose ceasing support for DAI as collateral on its platform, citing potential systemic risks.
