The DeFi platform MakerDAO has rebranded to Sky and introduced new names for the updated versions of its stablecoin DAI and governance token MKR.
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
“Sky, formerly Maker, is a DeFi protocol that allows users to earn rewards for non-custodial savings without relinquishing control [of assets],” states the project’s profile description on X.
Recently introduced as NewStable (NST) and NewGovToken (NGT), the new iterations of DAI and MKR will be named USDS and SKY, respectively. These coins will be available to users from September 18.
The tokens will circulate alongside the platform’s previous assets. Free conversion of stablecoins is set at a 1:1 rate, while governance tokens will convert at 24,000 SKY for 1 MKR.
According to journalist Colin Wu, Sam MacPherson, CEO of Phoenix Labs and Spark Protocol, confirmed that USDS will have a freezing function similar to centralized stablecoins USDT and USDC. Additionally, the official Sky website, which replaced MakerDAO, blocks access via VPN.
MacPherson deleted his tweet 30 minutes after posting, Wu noted.
Phoenix Labs and Spark Protocol CEO Sam MacPherson confirmed that USDS (formerly DAI) will have a freezing function. Centralized stablecoins such as USDT/USDC all had freezing functions. In addition, the Sky official website after upgrading from MakerDao also has a function that… https://t.co/VzIhzZEVZg
— Wu Blockchain (@WuBlockchain) August 27, 2024
In May, MakerDAO founder Rune Christensen revealed details of the first phase of the Endgame roadmap, titled “Launch Season,” set to begin in the summer of 2024. At that time, he noted that NewStable and NewGovToken were provisional names for the platform’s future assets.
“The main goal was to grow DeFi to gigantic proportions, as large as Tether, or even larger,” Christensen said in an interview with CoinDesk.
The protocol links growth objectives with rewarding USDS and SKY holders through the protocol’s new user interface, he explained.
The transformation also involves splitting the platform into smaller independent organizations with their own tokens. These structures, previously called subDAOs, will be named Stars as part of the rebranding.
The first of these will be Spark, a lending protocol based on Sky. However, according to Christensen, this will occur “a few months” after the testing process concludes.
According to Endgame, the implementation of AI tools will be a cornerstone of the DeFi platform’s transformation over five planned stages.