Maker Protocol, the DeFi lending platform, has officially rebranded itself as Sky and introduced a new suite of upgrades.
Maker Protocol, the DeFi lending platform, has officially rebranded itself as Sky and introduced a new suite of upgrades aimed at making decentralized finance (DeFi) more accessible to a broader audience. As part of this transformation, the platform's widely-used decentralized stablecoin, Dai (DAI), has been rebranded as USDS. Additionally, Maker's native governance token, previously known as MKR, has been upgraded and rebranded to Sky (SKY) within the new ecosystem.
This rebranding marks what MakerDAO co-founder Rune Christensen describes as the "next evolution of DeFi." Christensen highlighted the protocol's renewed focus on simplicity and usability, which includes making innovative features like Sky Token Rewards (STRs) and the Sky Savings Rate (SSR) accessible to users in eligible jurisdictions.
In addition to the rebranding of core elements, Maker’s SubDAOs will now be known as Sky Stars. These independent, decentralized projects will remain integral to the Sky ecosystem, each operating with its own unique business model and autonomy. The first Sky Star to go live is Spark, an open-source decentralized liquidity protocol. Spark currently offers a 6% yield for users depositing DAI tokens and allows borrowing of USDS at a 7% interest rate.
Each Sky Star subDAO will have the autonomy to release its governance token, manage its treasury, and make independent decisions. Christensen noted that this structure allows Sky Stars to innovate and take risks, while the core Sky Protocol remains focused on maintaining the stability and security of the USDS stablecoin. "Core Sky Governance will protect against risks in the tail end, while Stars specialize in doing business in the trenches," he said.
The transition from Maker to Sky also involves a significant change in token distribution. The MKR token will be upgraded to SKY at a 1:24,000 ratio, a move Christensen believes will democratize access to the ecosystem. "The larger supply of SKY improves the experience for those who want to purchase more than just a fraction of the token," he explained, indicating that the new token structure is designed to attract a broader base of users.
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