MakerDAO Is Now ‘Sky’ as $7B Crypto Lender Rolls Out New Stablecoin, Governance Token

As a seasoned researcher with a knack for deciphering the intricacies of blockchain technology and its applications, I find the recent developments at MakerDAO (now Sky) truly fascinating. Rebranding to “Sky” and introducing new tokens like USDS stablecoin and SKY governance token is a bold move that underscores the platform’s commitment to growth and innovation.

MakerDAO, an established and significant player within the field of decentralized finance (DeFi), is undergoing changes that include adopting a fresh name and introducing new tokens, as part of their ongoing restructuring process.

In a conversation with CoinDesk, MakerDAO’s co-founder, Rune Christensen, emphasized that the key issue was finding ways to significantly expand DeFi (Decentralized Finance), aiming for a scale comparable to Tether or even larger.

Tether issues the $116 billion USDT, the largest stablecoin on the market.

Christensen led the significant, long-term transformation of the protocol, dubbed the “Endgame.” In the initial stages, he proposed a plan to launch enhanced editions of the platform’s stablecoin and governance token on a governance forum in May 2023.

According to Christensen, the protocol aims to achieve its growth objectives by offering token rewards for holding USDS and SKY tokens via the newly developed Sky.money platform, which serves as the protocol’s user interface.

In some regions like the United States and the United Kingdom, the accumulation of rewards will have limitations applied to them.

The renovation process involves splitting the system into separate, autonomous units, each having its unique token. Previously known as SubDAOs, these new entities will now be called ‘Stars’ as part of our rebranding initiative.

The first one of these entities is set to be Spark, the lending platform built on top of Maker/Sky.

However, the change won’t occur until a few months have passed, after the entire testing process and scaling up have been completed, as Christensen explained during the conversation.