Maker, one of many first and largest DeFi lending protocols on Ethereum, has rebranded to “Sky” following key upgrades to its decentralized stablecoin system.
That stablecoin, beforehand generally known as DAI, has additionally rebranded to USDS, and the MKR governance token has been modified to SKY.
From MKR to SKY: What’s New?
As introduced over Twitter on Tuesday, SKY is an “upgraded model” of MKR obtainable by supplying USDS token to the Sky protocol by means of Sky.cash. 1 DAI might be transformed into 1 USDS token, and 1 MKR might be transformed to 24,000 SKY tokens.
The conversion will make particular person SKY tokens much more reasonably priced than MKR tokens have been, that are at the moment buying and selling for $2,123 apiece, based on CoinGecko. MKR is ranked 41 amongst all cryptocurrencies by market capitalization.
“Powered by the decentralized Sky Protocol, Sky.cash will provide seamless and non-custodial entry to Sky’s tokens and rewards by means of an distinctive consumer expertise,” wrote Sky. The Sky protocol will permit for “seamless swapping of ETH, USDC, and USDT into USDS,” they added.
Belongings deposited with Sky will all the time stay in consumer custody, permitting them to withdraw their belongings from the protocol with out permission. Ought to the DAO’s decentralized governance permits for it, Sky stated customers might be able to additionally earn tokens from different decentralized tasks by means of Sky.
The Evolution of DeFi
Based on MakerDAO co-founder Rune Christensen, the rebrand to Sky is an effort to seize its function within the “subsequent evolution of DeFi.”
“The protocol has been constructed with a […] deal with simplicity and ease of use,” he informed CoinTelegraph. “It permits customers to learn from improvements akin to Sky Token Rewards (STRs) and the Sky Financial savings Fee (SSR), offered they’re in an eligible jurisdiction.”
The rebrand additionally contains renaming Maker’s “SubDAOs” to “Sky Stars” – DAOs related to Maker governance that also function semi-independently, with their very own governance tokens and processes. Sky Stars are supposed to act as Maker’s riskier innovation layer, whereas Sky itself stays devoted to securing the USDS stablecoin and defending towards tail dangers.
The primary and largest Sky Star is Spark – a lending protocol with $2.529 billion in TVL, based on DeFiLlama. That is the third largest lending protocol in all of DeFi, subsequent to Aave and JustLend.
Maker itself has a TVL of $6.44 billion excluding sure sub-protocols, making it the 4th largest DeFi protocol.
Binance Free $600 (CryptoPotato Unique): Use this hyperlink to register a brand new account and obtain $600 unique welcome provide on Binance (full particulars).
LIMITED OFFER 2024 at BYDFi Change: As much as $2,888 welcome reward, use this hyperlink to register and open a 100 USDT-M place without cost!
