Maker

Core

USDS

Rune Christensen, co-founder of Sky (formerly Maker),&nbsp;<a style="text-decoration:none" href="https://x.com/RuneKek/status/1848383711802212426">proposed</a> returning the decentralized finance platform to its original Maker brand. The decision comes after confusion and negative feedback from the community following the platform's rebrand in August.&nbsp;
On October 21, Christensen shared his thoughts on the platform’s governance forum, stating that while the launch of the USDS decentralized stablecoin and the introduction of the Sky protocol were successful, community feedback indicated a strong preference for the Maker brand. He noted the trust and loyalty that Maker had built over time, stating:
<blockquote>
 "There was a lot of affinity for the brand and what it stands for—stability, security, and DeFi scale."
</blockquote>
<h2 dir="ltr" id="span-span-the-rebrand-to-sky-a-brief-overview-span-span">The Rebrand to Sky: A Brief Overview</h2>
In September 2024, MakerDAO, the decentralized organization behind the popular DAI stablecoin,&nbsp;<a style="text-decoration:none" href="https://bsc.news/post/maker-dao-rebrands-as-sky-and-introduces-new-stablecoin-usds">transitioned into Sky</a>.&nbsp;
&nbsp;
The rebrand was part of Maker's "Endgame" upgrade, with the introduction of a new stablecoin, Sky Dollar (USDS), and a new governance token, SKY, which replaced the original MKR token. Existing DAI holders were given the option to upgrade to USDS, while MKR token holders could switch to SKY at a 1:24,000 ratio.
&nbsp;
The changes were aimed at positioning the platform for future growth, but the new structure created confusion. Many community members struggled to understand the roles of the different tokens, and several expressed a preference for continuing to hold MKR rather than upgrading to SKY. This has led to calls for a reconsideration of the branding strategy.
<h2 dir="ltr" id="span-span-three-potential-directions-for-the-future-span-span">Three Potential Directions for the Future</h2>
In response to the confusion, Christensen outlined three potential paths for the platform:
<ul>
 <li>Continue with Sky as the Core Brand: Maintain the Sky branding and continue developing the platform with its current structure.</li>
 <li>Return to the Maker Brand: Reintroduce the Maker brand with its original identity and reinstate MKR as the sole governance token.</li>
 <li>Recenter Maker with a Refresh: Align Maker with the USDS stablecoin, making small changes to update the brand while retaining its core identity.</li>
</ul>
Christensen explained that the next steps would involve gathering feedback from the community. A call has been scheduled for&nbsp;<a style="text-decoration:none" href="https://forum.sky.money/t/star-allocation-system-framework/25325">October 25</a>, followed by a governance poll on November 4 to decide the platform's future.
<h2 dir="ltr" id="span-span-community-feedback-and-upcoming-decisions-span-span">Community Feedback and Upcoming Decisions</h2>
The proposal to return to Maker gained support among community members, many of whom felt the rebrand to Sky diluted the platform's original vision. Christensen acknowledged this, saying:
<blockquote>
 “Using Sky as the name of the protocol, the token, and the front end definitely added some confusion.”&nbsp;
</blockquote>
He noted that many users are committed to the MKR token and have been hesitant to adopt SKY.
&nbsp;
Despite the issues surrounding the rebrand, the USDS stablecoin has seen significant success. Two weeks after its launch, USDS surpassed a total supply of 1 billion and has already been integrated into major decentralized finance protocols like Aave, Ethena, and Morpho.
&nbsp;
However, concerns remain about the platform’s tokenomics and future governance structure. According to Christensen, after the community call and governance poll, the team will explore whether changes need to be made to the tokenomics and consider the future of both the Sky brand and the SKY token.

MakerDAO May Return as Core Brand After Sky Rebrand Faces Backlash

Table of Contents

BSCN

Other articles published on Oct 29, 2024

Vitalik Buterin Discusses ‘The Splurge’ Phase in Ethereum Development

Bitcoin Prices Surge as JOLTS Data Impacts Market Sentiment

Smart Contracts Enhance Transparency and Fairness in Online Gaming

Don’t Miss Out! 3 Altcoins Poised for 20x Gains Before the Year Ends

Bitcoin Breaks $71K as Bullish Momentum Builds Pre-U.S. Election

Weekly Article Recap: 10/14-10/18

Join our free newsletter for daily crypto updates!