DeFi Protocol Maker Rebrands to Sky, New Tokens Available on September 18

Key Points:

• DeFi protocol Maker has rebranded to Sky, renaming Dai (DAI) to USDS and Maker (MKR) to Sky (SKY).
• DAI can be exchanged for USDS and MKR for SKY with the introduction of Sky Token Rewards and the Sky Savings Rate.

DeFi protocol Maker, one of the flag projects in the space, has just announced its rebranding into Sky and renamed its stablecoin and governance token to that effect.

Read more: New MakerDAO Tokens Were Introduced, DAI and MKR will Remain Available 

DeFi Protocol Maker Rebrands as Sky, Launches New Stablecoin and Governance Token

USDS is a new name for the decentralized stablecoin of the long-standing DeFi lending protocol formerly known as Dai (DAI). At the same time, Maker’s Governance token Maker (MKR) will be renamed to Sky (SKY).

But the two newly minted tokens would be running and coexist with DAI and MKR. USDS claims can be valorized using DAI in a one-for-one balance, and if a person holds MKR, he or she can easily convert them to SKY at a rate of 1 to 24,000 of the new tokens. The new tokens will be minted on September 18.

These changes for DeFi protocol Maker were part of the Endgame plan by way of rebranding and token updates that used placeholder names for the new tokens. According to Cointelegraph, MakerDAO Co-Founder Rune Christensen indicated that the protocol will be simpler and more approachable in DeFi because of this change.

The new advantages Christensen claimed included Sky Token Rewards, or STRs, and the Sky Savings Rate, or SSR. With these, holders of USDS earn SKY token rewards through the newly launched app called Sky at sky.money.

Sky Stars SubDAOs Go Live with Spark Liquidity Protocol

The Maker subDAO structure, now named Sky Stars, will continue as a fully independent decentralized entity operating under the Sky umbrella.

Spark is the first Sky Star to go live, an open-source liquidity protocol yielding 6% on DAI deposits that are borrowable against USDS at a 7% interest rate. Each of the subDAOs that comprise Sky Star will have full sovereign power in governance, treasury management, and community-driven decisions on innovation and risk-taking within the greater framework of Sky.