MakerDAO rebrands to Sky and it changes MKR token to SKY and DAI to USDS

MakerDAO, a prominent player in the decentralized finance (DeFi) space. On August 27, 2024, MakerDAO announced it rebrands to Sky and it changes MKR token to SKY and DAI to USDS (Sky Dollar). 

The protocol, which previously managed assets worth around $7 billion, has introduced new versions of its stablecoin and governance token.

MakerDAO will be rebranded to “Sky” also known as Sky Protocol.

Alongside the existing DAI stablecoin and MKR governance token, new tokens called USDS (stablecoin) and SKY (governance token) have been introduced.

Holders of DAI can exchange their tokens on a 1:1 basis for USDS, while each MKR token can be swapped for 28,000 SKY tokens.

The new tokens will be available from September 18, and holders can voluntarily choose to keep the old tokens or exchange them for the new ones.

Following the announcement, the price of MKR saw an increase of over 4%.

These changes are part of MakerDAO’s ongoing overhaul called the “Endgame,” which aims to scale DeFi to a much larger extent.

The introduction of the USDS stablecoin and the SKY governance token is a strategic move to expand MakerDAO’s influence in the DeFi sector.

SKY is the the upgrade version of MKR and governance token of the Sky ecosystem. While, USDS (Sky Dollar) is the upgrade version of DAI, USDS is a stablecoin that gives access to native token rewards.

It’s important to note that the existing DAI and MKR tokens will remain in circulation unchanged, providing options for users to stick with the traditional tokens or to opt into the new system. Users can decide voluntarily to exchange the DAI and MKR to USDS and SKY.

This dual-token system reflects MakerDAO’s commitment to innovation while maintaining the integrity of its original offerings.