Sky's Brand Changes

Stablecoin-focused DeFi protocol Sky (formerly Maker) is contemplating further brand modifications following community feedback on its recent rebranding.

MakerDAO, the decentralized autonomous organization behind the DAI stablecoin, transitioned into Sky in September this year. This rebranding allowed DAI holders to upgrade their tokens into a new stablecoin, Sky Dollar (USDS), at a 1:1 ratio. Similarly, the governance token MKR was converted into the SKY token at a ratio of 1:24,000, while existing DAI and MKR tokens remain active.

According to Sky's founder, Rune Christensen, several community members have voiced concerns regarding the utility of the SKY token. He also acknowledged that the new reward systems and features introduced alongside the SKY token might have been challenging to understand.

> “Using Sky as the name of the protocol, the token, and the front end definitely added some confusion,” Christensen mentioned on X, noting that many community members prefer to retain MKR rather than upgrade to SKY.

This feedback comes as USDS surpassed a total supply of 1 billion just two weeks post-launch, and it has been integrated into major DeFi protocols like Aave, Ethena, and Morpho.

Meanwhile, Christensen observed a strong community preference for the Maker brand, suggesting it might be wise to re-emphasize it while keeping Maker and Sky in distinct roles.

Future of Sky

Sky's founder presented three options for the community: 1) Continue building with Sky as the core brand, 2) Reintroduce Maker as the primary identity in its original form, or 3) Re-center Maker as the main brand with minor adjustments to align better with USDS and subDAOs called Stars. A community call is scheduled for this Friday to deliberate on these options.

> “Following the community call, I will incorporate all feedback and propose the implementation of the idea as an Atlas Edit that can be voted on from October 28, which, if approved, will trigger a multiple-choice poll during the week of November 4,” Christensen wrote.

Christensen indicated that if the community opts for another rebrand, the protocol would consider revising its tokenomics as the next step.