MakerDAO’s governance voting process to decide on the protocol’s rebranding has concluded, with the proposal to retain the Sky name as the winning option.
The MakerDAO community has voted to maintain the changes made in the protocol rebranding, which was introduced at the end of August.
As reported by this outlet, following the rebranding, which changed MakerDAO’s name to Sky Protocol, the user community reconsidered returning to its old name to avoid confusion and ensure unity within the project. However, in its latest governance vote, MKR token holders voted in favor of moving forward with the protocol’s rebranding and rebranding as Sky.
The vote was conducted through a governance system where MKR holders could choose between three options. The first indicated the possibility of keeping the Sky brand, the second, returning to the Maker name, and the third, returning to Maker but with a limited branding update.
This vote, which ended on November 7, was based on plurality, meaning the result was determined by the option that received the most votes.
MakerDAO's rebranding to Sky
MakerDAO co-founder and proponent of the protocol rebrand, Rune Christensen, recently emphasized the importance of resolving the choice of brand for the ecosystem, in order to be able to focus on the development of the ecosystem. In a recent interview, he stated that “The most important thing is to simply make a decision and focus on what matters, which is the product.«.
Now that the community has voted, the protocol can move forward with its goals to innovate in the decentralized ecosystem.
Christensen had noted that the change to the Sky brand was not merely cosmetic and that it was part of the “Endgame” strategy to launch new products, such as the USDS stablecoin, among other improvements. However, despite the revolutionary strategy, Christensen also acknowledged that the rebranding caused confusion among protocol participants, creating challenges that have affected community perception and market trust. The value of the MKR token has fallen by almost 40% in the past three months, which has overshadowed the positive aspects of Sky’s launch.Price action ended up completely dominating people's impression of the launch"Christensen said.
The continuity of Sky Protocol
However, the decision taken by the community on the Sky brand will have an impact on the structure of the protocol and its relationship with users.
The community has decided to keep the Sky brand, with the surprising participation of four large entities known as “whales”, who contributed 79,3% of the 63.874 MKR pledged to define this option as the winner. The choice of Sky not only reflects the future direction of MakerDAO, but also its importance in user perception and market trust.
In the governance proposal voted on by the crypto community, the winning option states that:
“Maintain the Sky brand as the backend protocol brand. If this option is chosen, no further changes occur and everything remains as it is with the brand. The effort to transition from MKR to SKY continues, and the Sky brand remains the primary brand denoting both the Sky.money frontend and the Sky Ecosystem and Sky Protocol backend.”
Source: MakerDAO
Whale duel in MakerDAO vote
The voting process on MakerDAO’s rebranding to Sky Protocol had a low turnout, although polls indicated that the majority of MKR holders preferred to keep the Sky brand. As mentioned, the 79,3% who got the first option, to keep the Sky name, represents 4 MKR whales.
On the other hand, the sector of the community that agreed to return to the Maker brand was represented by 21% of voters, who committed a total of 14.864 MKR to do so. Of these, only one whale committed almost all of the tokens.
The MKR community has therefore chosen the option to retain the Sky brand as the identity of the backend protocol. With this decision made, no further changes will be made and the Sky brand will remain the core representation for both the Sky Money frontend and the Sky Ecosystem and Sky Protocol backend, the protocol stated.
