MakerDAO founder Rune Christensen proposed in October whether to restore the Maker brand, with voting results showing nearly 80% of votes supporting retaining the Sky brand. However, the votes in favor were cast by only four major holders, with just one major holder opposing, and only 21 addresses participated in the entire proposal.
(Background:
“Rescue MakerDAO”—Founder proposes “Sky deflation new proposal” to boost MKR against the market trend
)
(Additional context:
MakerDAO’s renaming to Sky faced backlash from the community, founder considers reverting the brand to “Maker”
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Table of Contents
MakerDAO Votes to Remain Rebranded as Sky
Impact of Rebranding to Sky
VCs Optimistic About Sky’s Development
The decentralized stablecoin issuer MakerDAO announced at the end of August this year that it would undergo a rebranding, changing its name from MakerDAO to Sky Protocol (hereafter referred to as Sky), and launched upgraded versions of DAI and MKR in mid-September, renamed to USDS and SKY, respectively. However, the rebranding to Sky was not well-received by the community. Founder Rune Christensen admitted in a tweet that many people actually prefer the Maker brand. Thus, on October 22, Rune Christensen proposed a suggestion for the community to decide whether to revert the brand back to Maker.
Now, the voting results of this proposal have been released, and community members have decided to maintain the brand rebranding to Sky. According to data from the MakerDAO governance forum, among the three options—”retain Sky brand as the core protocol,” “redefine Maker brand with limited updates,” and “restore Maker brand”—the option to retain Sky brand as the core protocol received nearly 80% of the votes, showing overwhelming support.
However, only 21 addresses participated in the voting, with 5 major holders accounting for nearly all the voting power, each holding about 20% of the voting power. Among these 5 major holders, 4 addresses voted in favor of rebranding to Sky, with only one major holder supporting redefining the Maker brand with limited updates.
An official tweet stated that this decision supports a smooth transition from MKR to SKY and officially establishes Sky as the core brand, covering the front-end interface of Sky applications and the back-end Sky ecosystem and protocol.
The updates brought by the rebranding of MakerDAO to Sky include:
USDS: USDS is a decentralized stablecoin within the Sky ecosystem, allowing users to upgrade DAI to USDS and receive token rewards within the Sky ecosystem without assuming additional external protocol risks or relinquishing control.
SKY: SKY is the native governance token of the Sky ecosystem, serving as an upgraded version of MKR. MKR can be voluntarily converted to SKY at a ratio of 1:24,000.
Sky Stars: Sky Stars is an independent decentralized project within the Sky ecosystem, aiming to drive innovation and expansion and serve as a gateway to accessing the Sky Protocol.
Sky.money: Sky.money provides eligible users with access to the Sky Protocol as a non-custodial and permissionless entry point.
It is worth noting that MKR and DAI will continue to exist, and there is no permanent abandonment by the official. Currently, USDS has replaced DAI as the third-largest stablecoin, with a market value of $5.6 billion, surpassing DAI’s $3.28 billion.
Regarding MakerDAO’s rebranding, Framework Ventures founder Vance Spencer expressed support, stating in an email:
Spencer pointed out that rebranding to Sky is part of the MakerDAO Endgame plan, with long-term goals of the Endgame plan including:
Launching new stablecoins, including Puredai, a decentralized and censorship-resistant stablecoin, and NewStable, a regulatory-compliant stablecoin aimed at the mass market;
Expanding to Solana and Base;
Planning to collaborate with Aave to support USDS rewards;
Launching a staking protocol using SKY and MKR;
Establishing a custom bridge named SkyLink for the EVM chain;
Committed to the development of asset tokenization.
Spencer stated that Endgame will launch a large number of products in the next month and beyond. Ultimately, products and growth are what truly matter.
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