MakerDAO, one of the leading decentralized finance (DeFi) protocols, has announced its rebranding to SKY. This significant change accompanies the renaming of its stablecoin from DAI to USDS. While the DAI stablecoin will be phased out for USDS, the MKR Coin will undergo a subdivision to create 28,000 SKY Tokens per MKR Coin.
Why the Rebranding?
Co-founder Rune Christensen explained that the primary aim is to scale DeFi to a level comparable to or even surpassing that of Tether. This move is part of a broader strategic plan known as Endgame, initiated through a governance proposal in May 2023. The roadmap not only seeks to enhance the functionality of existing tokens but also aims to foster new developments within the ecosystem. Access NEWSLINKER to get the latest technology news.
First Lending Platform on SKY
Spark is set to be the first lending platform built on the newly named Sky framework. Trading of the new SKY tokens will commence on September 18. This transition marks a pivotal moment in the protocol’s evolution, promising to offer improved scalability and utility for its users.
Key Takeaways
Here are some actionable points for users and investors:
- Expect DAI to be gradually replaced by USDS as the new stablecoin.
- Prepare for the subdivision of MKR Coin into SKY Tokens, enhancing liquidity.
- Watch for the launch of Spark, the initial lending platform on Sky, starting September 18.
These developments could impact investment strategies and usage patterns within the DeFi space.
The Endgame revision aims to propel MakerDAO, now Sky, to new heights, both in terms of functionality and market presence.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/makerdao-rebrands-to-sky-and-updates-stablecoin