MakerDAO, one of the most prominent protocols in decentralized finance (DeFi), announced a momentous change that marks a turning point within the digital ecosystem.
MakerDAO recently changed the name of its protocol to Sky. Through its official account on X, the protocol announced the launch of one of the most important updates to the ecosystem, which will redefine the future of decentralized finance.
The change revealed today not only involves a new name for the decentralized protocol, but also the introduction of new tokens and a series of updates that seek to make DeFi more accessible and attractive to users around the world.
Rune Christensen, co-founder of MakerDAO, stated that this change, presented last year as the Endgame plan, is shaping the new future of the protocol and its digital ecosystem.
The transformation from MakerDAO to Sky
MakerDAO's name change to Sky is a critical part of its strategy to revitalize its image and improve user experience. The protocol transition includes the name change of its flagship stablecoin, DAI, which is now called USDS (Sky Dollar), and its native governance token, which has changed from MKR to SKY, with a conversion rate of 1:24.000.
These moves aim to increase the distribution and accessibility of the tokens, thereby facilitating the participation of a broader user base.
Christensen emphasized that these changes are part of a broader effort to simplify access to decentralized finance. In a post on the MakerDAO forum, Christensen highlighted that by renaming the DAI stablecoin as USDS, the protocol seeks to make the stablecoin more understandable and familiar to new users, who may not be as familiar with the DeFi ecosystem. Thus, it is a rebranding strategy that can be crucial to attract less experienced users who are looking for alternatives to traditional finance.
But, in addition to the changes to its native token names, Sky is also introducing a new DeFi website and app, Sky.money, which acts as a portal to access the various functionalities of the decentralized ecosystem in an intuitive and easy way, to facilitate the mass adoption of DeFi.
New Sky updates and features
Among the significant updates coming to the protocol, with the move from MakerDAO to Sky, is the introduction of decentralized entities called Sky Stars, which were previously known as SubDAOs.
The sky stars will operate independently, contributing to the broader Sky protocol ecosystem with unique business models. In his recent publication, Christensen stressed that the first sky star of the protocol, called Spark, is already operational as a decentralized liquidity protocol, offering users a 6% yield on USDS deposits and allowing loans at a 7% interest rate.
Another important innovation in Sky Protocol is the introduction of native tokenized rewards. USDS users will be able to access rewards on SKY simply by using the stablecoin within the protocol, thus eliminating the need to expose themselves to external protocols with unknown risks. Furthermore, the release of features like Sealed Activation, which allows SKY and MKR holders to stamp their tokens in exchange for rewards, is designed to incentivize long-term participation in the protocol's governance.
According to Christensen, users who opt for the Sealed Activation functionality will receive rewards in USDS, which represents an additional attraction to maintain investment within the ecosystem. This functionality will be activated shortly after the launch of USDS, SKY, Sky.money and Token Rewards, Christensen reported.
The implications of Endgame for the future of DeFi
In May of last year, Christensen unveiled the plan Endgame, an ambitious roadmap that seeks to take MakerDAO, now Sky, to new heights in the realm of decentralized finance. The founder of the protocol had explained that, as part of this ambitious plan, new functionalities and the rebranding of the protocol would be launched, to better position Sky in the ecosystem and attract a broader and more diversified user base to DeFi. .
The launch of Sky.money and the integration of features like Skylink, which will facilitate connection between different chains and tokens within the ecosystem, are significant steps towards creating a more cohesive and accessible DeFi environment. As the protocol continues to evolve, it is expected that more innovations will be introduced, which could change the way users interact with decentralized finance.
MakerDAO's transition to Sky is also aligned with a broader trend in the DeFi space, where accessibility and simplicity are increasingly important. Decentralized ecosystem builders and experts have emphasized the importance of protocols adapting to user needs and offering experiences that are both secure and easy to use to drive mass participation and adoption.
Following the rebrand, the MKR token, now SKY, rose 2% in recent hours and saw its daily trading volume grow by more than 130%, according to data from CoinMarketCap. Likewise, the trading volume of the DAI stablecoin, now USDS, increased by almost 11%.
