Maker Protocol Rebrands To Sky And Introduces New Tokens

According to Cointelegraph, Maker protocol has officially rebranded to Sky and introduced new names for its stablecoin and governance token. The decentralized finance (DeFi) lending protocol, known for its long-standing presence in the industry, has renamed its decentralized stablecoin Dai (DAI) to USDS. Additionally, the protocol has launched the Sky (SKY) governance token, replacing the Maker (MKR) token. Rune Christensen, co-founder of MakerDAO, stated that the rebranding is aimed at making DeFi more accessible to a broader audience. He emphasized that the protocol has been designed with simplicity and ease of use in mind, allowing users to benefit from innovations such as Sky Token Rewards (STRs) and the Sky Savings Rate (SSR), provided they are in an eligible jurisdiction. Despite the changes, the Sky Protocol will remain decentralized, community-governed, and non-custodial. Christensen explained that the rebranding and token upgrade from MKR to SKY at a rate of 1:24,000 would provide more people with access to the Sky ecosystem. This larger supply of SKY is intended to enhance the user experience for those looking to purchase more than just a fraction of the token. The rebranding also includes the transformation of Maker SubDAOs into Sky Stars, which will remain independent decentralized projects within the Sky ecosystem. The first Sky Star subDAO to launch is Spark, an open-source, decentralized liquidity protocol. Spark offers users a 6% yield for depositing DAI tokens and allows borrowing of USDS at a 7% interest rate. Each Sky Star subDAO will have the autonomy to release governance tokens, manage its treasury and community, and implement DAO-specific decisions independently. Christensen noted that Sky Stars would focus on innovation and risk-taking, while the core Sky Protocol would maintain the value and security of the USDS stablecoin. In the broader DeFi landscape, lending remains the second-largest protocol category, with 443 lending protocols holding a combined total value locked (TVL) of over $33.4 billion, according to DefiLlama data. Spark is currently the third-largest lending protocol with a TVL of $2.66 billion, despite a nearly 14% decrease over the past month. Aave leads the category with over $12.1 billion in TVL, although it has also seen a decline of over 5% in the same period.