Sky Replaces Maker Protocol: Dai Is Now USDS

Bittime - Maker Protocol, known as a pioneer in decentralized finance (DeFi), has announced a major change in its identity. Now, Maker Protocol has officially changed its name to Sky, with its famous stablecoin, Dai, changing its name to USDS. Additionally, the MKR governance token was also changed to SKY.

Rebranding Maker Protocol: From Dai to USDS and MKR to SKY

This name change is a strategic move to facilitate understanding and adoption of stablecoins in the wider market. Dai, which has long been one of the main decentralized stablecoins, is now known as USDS. It is hoped that this new name will better describe its functions and benefits to various users.

Along with these changes, the MKR governance token has also undergone changes. MKR tokens are now converted into SKY, with a conversion ratio of 1:24,000. The move aims to expand token distribution and make it more accessible to the larger DeFi community.

Rune Christensen, co-founder of MakerDAO, mentioned that this change is part of a broader vision to improve user experience and drive DeFi adoption globally.

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Sky Stars: Update for SubDAO Maker

As part of the rebranding, Maker Protocol also introduced a new concept for their SubDAO, now known as Sky Stars. Sky Stars is a decentralized organization that operates independently under the umbrella of the Sky ecosystem. Each Sky Star has the freedom to issue their own governance tokens, manage assets and make strategic decisions independently.

The first Sky Star to launch was Spark, a decentralized liquidity protocol. Spark offers a 6% yield on USDS storage and allows borrowing at an interest rate of 7%. With a total value locked of $2.66 billion, Spark is now one of the largest lending protocols in the DeFi ecosystem.

Implications and Expectations of Rebranding Maker

Rebranding Maker to Sky, along with the launch of USDS and SKY, is an important step in the evolution of DeFi. With these changes, Sky aims to expand reach and increase user engagement, as well as position itself as a major force in decentralized finance. 

With new features and a planned strategy, Sky is committed to strengthening its position and offering more benefits to its users in the future. Continue to monitor the latest news on Sky and USDS to keep up with the latest developments in this ecosystem.

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