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MakerDAO Rebrands to Sky, Upgrades MKR and DAI

MakerDAO has upgraded its flagship crypto assets, MKR and DAI, into SKY and USDS.

Avatar image of Mishael Nwani Mishael Nwani•August 27, 2024
sky-formerly-makerdao

MakerDAO, the decentralized finance (DeFi) lending protocol behind the MKR and DAI stablecoin, has rebranded its name and logo. Under the new name, Sky, the project has upgraded its governance token and stablecoin to attract more people into its ecosystem.

Notably, this announcement comes only a week after MakerDAO revealed plans to upgrade DAI and MKR into NewStable and NewGovToken. The project’s co-founder, Rune Christensen, stated that this was part of the Endgame plan.

MakerDAO’s Revamp

The latest redecoration involves upgrading DAI to USDS (Sky Dollar), a United States dollar-pegged stablecoin that enables access to native token rewards. USDS will be redeemable for DAI at a 1:1 ratio. MKR, the project’s governance token, will be converted to SKY, where 1 MKR equals 24,000 SKY.

The DeFi lender also upscaled the utilities of its native tokens. Under the Sky Token Rewards (STRs) section, users qualify for SKY token rewards when they supply USDS to the Sky protocol through the Sky.money app. Users can also increase their savings using the Sky Savings Rate (SSR).

Upholding its decentralized background, Sky added that users will have complete control of their assets and can withdraw anytime. The announcement also revealed that future updates offering additional income streams may enter the Sky protocol if approved through a governance vote.

The Sky Token rewards are inaccessible in certain regions, including the United States.

MKR and DAI Sees Uptrends

Following news of the project’s redesign, MKR’s price soared to as high as $2,161. DAI, on its part, saw a rapid surge in daily trading volume. At press time, its trading volume has soared above $98.6 million, representing a 40% uptick.

Mishael Nwani

Mishael Nwani is an avid crypto enthusiast with nearly four years of experience in the industry. Since 2022, he has covered topics across cryptocurrencies, NFTs, artificial intelligence, and financial markets.