MakerDAO Rebrands to Sky, Introduces Two Upgraded Tokens

• MakerDAO has rebranded into a new name.
• The protocol also introduced new token upgrades.
• The newly rebranded ecosystem and upgraded tokens will launch in September.

MakerDAO announced on Tuesday a major rebranding and introduced its two newly upgraded tokens as part of its renewed motivation to spur decentralized finance (DeFi) adoption.  

As part of the “Endgame” move, the protocol has changed its name to Sky and named USDS and SKY as its upcoming token upgrades. Other new features introduced by the upgrade include Native Token Rewards and a new DeFi app and website named Sky.money, which the protocol said would be maintained by an independent entity.  

MakerDAO’s Rebranding

According to a statement shared by MakerDAO co-founder Rune Christensen on August 27, the protocol’s governance process has approved the new ecosystem and upgraded tokens, positioning them for official launch on September 18.

Christensen said USDS will serve as Sky ecosystem’s stablecoin while SKY will be the governance token. However, the tokens will not replace DAI and MKR, which the protocol clarified earlier will “remain available indefinitely.”

DAI holders can upgrade their tokens to USDS or convert Circle’s USDC into the new decentralized stablecoin at a 1:1 ratio. USDS will be used to access SKY Token Rewards or regular Savings Rate, but the programs are restricted to the U.S., UK, and VPN users.

“These rewards are built into the Sky Protocol, which means that the user doesn’t have to get exposed to external protocols with unknown risk. All eligible users are doing is using USDS you own inside the Sky Protocol itself,” the statement read.

Per the statement, MKR holders can upgrade their tokens to SKY, whereby 1 MKR will be exchanged for 24,000 SKY. In addition to powering governance, the SKY token will gain extra features like Sealed Activation and Regular Activation. Christensen said these features will reward eligible users with USDS and Token Rewards.

Stay updated on Telegram CEO Pavel Durov’s arrest in France:
Telegram CEO’s Arrest Not Political, Claims French President: Tech Leaders Disagree

Read about Binance CEO’s plea for Tigran Gambaryan’s release:
Binance Pleads for Gambaryan’s Release Yet Again to US Gov