Introduction
The crypto world is ever dynamic and so are the projects that exist in it. One has gone for a total rebrand and maybe users might find the changes interesting. MakerDAO is one of the earliest defi lending ecosystem in existence. The decentralized protocol recently announced that it is changing its name from MakerDAO to 'Sky'. This rebranding effort which took place few days ago will mark a massive shift in project image for crypto users in the ecosystem.
Not just the platform name changed. Its popular stablecoin DAI also has a new name now. DAI would have its name changed to USDS which would continue to be used for staking and other activities on the platform. USDS will be available in the ecosystem for use by 18th September 2024.
Simplification of the MakerDAO Ecosystem
As defi instruments continue to find new markets, there is a need to make the products user-friendly. Over the years, MakerDAO has excelled in providing crypto loans and other defi products to its users. However, the protocol is not easiest to navigate and understand especially for new users. So the very essence of this rebranding it to make Sky super easy for newbies just like creating a social media account.
MakerDAO has a token for decentralized governance called MKR. This token would also have its name changed to SKY. Formerly, users provide liquidity to the platform using its stablecoin DAI and are rewarded with MKR tokens. With this new transformation, everything remained the same, just the name changed. So users will now stake the new stablecoin USDS to earn SKY which is the governance token on the platform.
Recall that DAI is a stable coin whose value is pegged to the value of 1 USD. Therefore, its rebranded version USDS will continue to maintain that 1 USD value for the stablecoin. However, SKY does not have the same equal value with MKR. The exchange rate of MKR to SKY is 1:24,000. That means 1 MKR would be swapped for 24,000 SKY.
In addition to the new token names, having SKY of a lesser value than MKR is a welcome community development. Defi protocols want users to be able to buy and hold their governance tokens. MKR has a historically high value which makes it difficult for users to afford a significant amount of the token. With SKY, it would be easy to buy and hold a reasonable amount of the governance token for users that wish to participate in community governance.
Still on rebranding aspects of its ecosystem, MakerDAO use to have other smaller DAO that are hosted on the protocol. Before now they are called SubDAO. But going forward, they have a new name Sky Stars. Sky Stars will continue to enable new projects to be launched semi-independently as a second layer on SKY. They are projects that want to diversify into specialized areas but still use the SKY stablecoin as a pillar for their operations.
A brand new website and app
A complete rebranding would not make sense if users continue to interact with the protocol from the old web address. So the MakerDAO team have pushed out a brand new website to go along with the rebranded names and other activities. You can now access the protocol through their new frontend: https://sky.money/
For the web-based app which users will access the protocol and perform transactions, the address is https://app.sky.money/. However, the platform is not yet accessible since the rebrand of SKY and other components are not yet completed. The project listed 18th September as the time that this channel will become available. At that time, visitors should be able to connect their wallets and lend, stake or access other products.
Getting involved
The protocol is inviting its large community to get excited about the rebranding project and spread the word. Those that do so would have all their rewards doubled for the first 30 days after the completed launch. When you join this campaign and provide SKY liquidity in the future, the APR would be doubled for you.
To participate in this campaign and get ready to earn double rewards, you need to complete 3 easy tasks. To begin, sign up for the campaign using your X (formerly Twitter) account here. You need to follow the protocol's new X account - @SkyEcosystem. After that, you need to share the rebranding announcement post to your X page. Click here to share it now. Finally, copy the link of your shared post and drop it into a box on this page to complete the tasks. If everything was done correctly, you will be eligible for double rewards after the full launch of SKY.
Finally
Its great to see MakerDAO getting this facelift. Sky will continue to provide crypto loans and savings products to its massive users. If you are excited about this announcement, then hang around on my page for more like it.
Note: thumbnail is mine