MakerDAO Rebrands and Launches New Tokens

MakerDAO has rebranded to Sky and announced the introduction of its updated tokens - USDS and SKY, which will be launched on September 18.

This rebranding is part of MakerDAO’s “Endgame Plan,” a strategic vision of co-founder Rune Christensen to improve the structure of DAO for better growth, accessibility and sustainability in the DeFi space.

SKY will introduce USDS, an enhanced version of the DAI stablecoin, and SKY, which will replace MKR as the management token. USDS will allow users to transfer their holdings to DAI, while MKR holders can convert their tokens into 24,000 SKY tokens each.

These new tokens will offer features such as Sky Savings Rate (SSR) and Sky Token Rewards (STRs) to drive user engagement.

The rebrand also includes the launch of Sky.money, a platform for non-certified access to the Sky protocol. However, some features such as SSRs and STRs will be restricted in some jurisdictions due to regulatory concerns.

The rebranding comes amid tensions with Aave following MakerDAO’s decision to back much of DAI with Ethena Labs’ synthetic dollar, USDe. Aave has expressed concerns about the risks associated with the move and has offered to stop supporting DAI as collateral on its platform.

This proposal highlights broader concerns about the potential systemic risks posed by USDe, with some market participants drawing comparisons to previous failures of stablecoins such as Terra Luna.

Overall, the transition to Sky aims to improve the functionality and user experience of the protocol, positioning it for continued growth in the evolving DeFi landscape.