“This is how DeFi should be designed,” mentioned Rune Christensen.
One among DeFi’s largest and enduring protocols is gearing up for a serious shift, with MakerDAO, the biggest collateralized debt protocol, scheduling its long-awaited rebrand for subsequent month.
On Aug. 27, MakerDAO introduced it should rebrand to Sky and deploy its new stablecoin, USDS, on Sept. 18. The rebranding marks a serious milestone in MakerDAO’s bold and controversial “Endgame” overhaul.
“Sky represents the complete transformation of Maker, comprising all the knowledge the organization has reaped over the years,” Rune Christensen, the founding father of MakerDAO instructed The Defiant. “It addresses the issue with Maker: that it wasn’t so approachable.”
Rebrand
Christensen mentioned the Sky rebrand was designed to supply an easier consumer expertise.
The rebrand will probably be accompanied by the launch of a brand new web site and app offering a front-end interface for Sky. Maker will even unveil a brand new stablecoin, USDS, and governance token, SKY, as a part of the improve.
Maker’s present DAI stablecoin and MKR governance token will stay in existence, with customers in a position to improve their tokens to USDS and SKY voluntarily. Every MKR token will be upgraded to 24,000 SKY tokens, whereas DAI will convert to USDS on a one-to-one foundation. Maker additionally plans to launch a farm emitting SKY sooner or later.
The brand new front-end interface facilitates entry to new options together with “token activation rewards” and the Sky Financial savings Charge (SSR).
To incentivize utilization, Sky will supply double SSR yields for the primary month. Though the protocol did not state the annual proportion yield (APY) provided by way of the SSR, the DAI Financial savings Charge at present sits at 6%.
DAI is at present the third largest stablecoin with a market cap of $5.34 billion. MKR is the 53rd-largest cryptocurrency with a $1.93 billion market cap. With MRK altering palms for greater than $2,000 per token, the SKY redenomination is meant to make the asset seem extra approachable to smaller traders.
In Could, Christensen mentioned Maker will launch two new stablecoins as a part of its Endgame rollout.
Sky Stars
Maker additionally plans to rebrand its forthcoming metaDAO ecosystem, with subDAOs now set to be referred to as “Sky Stars” shifting ahead.
Stars comprise impartial decentralized tasks performing specialised operations inside the MakerDAO ecosystem. Stars could have their very own enterprise mannequin, token, governance, and treasury. Customers will be capable of farm tokens issued by Stars utilizing USDS.
“Stars are the core pillar of scaling,” he said. “Think of them like L2s for governance, allowing parallel communities to specialize in different areas. Stars must be allowed to fail, which enables experimentation with riskier ideas.”
The primary Sky Star is Spark, the DAI-focused lending protocol. Following the rebrand, Spark’s SparkLend protocol will permit customers to provide crypto as collateral to borrow USDS.
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