Sky is reconsidering its rebrand from MakerDAO after community pushback, with options including returning to the original MakerDAO brand or adopting a hybrid approach.
Sky Re-evaluates Rebrand
Decentralized finance (DeFi) project Sky, formerly known as MakerDAO, is contemplating further changes to its branding strategy after receiving mixed reactions from its community. The transition from MakerDAO to Sky, which took place in September 2024, introduced significant changes to both its tokens and governance structure, leading to a divided response from users.
Rebranding from MakerDAO to Sky
The rebrand allowed users holding DAI, the stablecoin issued by MakerDAO, to upgrade their holdings to the newly launched Sky Dollar (USDS) at a 1:1 ratio. Additionally, MakerDAO’s MKR governance token could be exchanged for the SKY token at a 1:24,000 ratio. Despite these changes, both DAI and MKR tokens were kept active, allowing users to decide whether to adopt the new assets.
However, the transition has sparked some dissatisfaction within the Sky community. On October 21, Sky co-founder Rune Christensen acknowledged the concerns in a proposal highlighting the successes and challenges the project has faced since the rebrand.
Community Concerns Over SKY Token
A key issue raised by the community centers around the utility and value of the SKY token. According to Christensen, many community members still favor the legacy MakerDAO brand and prefer to hold onto MKR tokens rather than adopt SKY. He also admitted that the complexity of the new reward systems and additional features introduced during the rebrand may have caused confusion among users.
Christensen explained,
“There has been a significant amount of community feedback questioning the utility of the SKY token and expressing loyalty to the MakerDAO brand.”
Three Options for the Future
To address these concerns, Christensen presented three potential options for moving forward. The first option is to maintain the Sky brand, which has gained some visibility despite the criticism. The second option involves reverting entirely to the MakerDAO brand, with MKR as the sole governance token. The third option suggests a hybrid solution, keeping the Maker name but refreshing the branding to reflect recent product launches, including the USDS stablecoin and the StarDAO ecosystem.
Upcoming Community Discussions
Sky has scheduled a community call for October 25 to discuss these options and gather input from stakeholders. Following this meeting, a finalized proposal, known as the “Atlas Edit,” will be released on October 28 for further community feedback. A formal vote on the final course of action is expected to begin on November 4, with the outcome shaping the future direction of the project.
Christensen emphasized that any further rebranding would involve careful consideration of the protocol’s tokenomics. He also assured users that any changes would not negatively impact their experience.
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Source: https://cryptodaily.co.uk/2024/10/sky-faces-branding-dilemma-makerdao-revival-on-the-table