Maker DAO has announced details about its major brand rebrand.
Maker, as part of the Endgame revamp, is now known as Sky. Its DAI decentralized stablecoin, and MKR governance token will become USDS, and SKY.
The option for users to upgrade to USDS or SKY will become available from September 18th. MKR can be traded for up to 24,000 SKY.
Users who choose to not upgrade will still be able to use DAI or MKR as legacy tokens within the Sky protocol.
The upgrade allows users to access new features such as the native token reward, which rewards USDS holders with SKY governance rewards. This is done via the project’s new app, sky.money.
You can also find out more about the following:se are among the changes envisioned under the Maker Endgame plan, which previously referred to the new tokens by a placeholder — NewGovTokena and NewStable.
The “DAI Savings Rate” Sky Savings (DSR), Maker’s variable rate of interest for borrowing DAI, which it adjusts according to current market conditions will now be called the Skysavings Rate. Maker DAO has recently reduced the DSR, from 7% down to 6%.
Sky Savings rate will be the DSR plus some minor improvements to gas efficiency.
Some jurisdictions will not have access to new features, such as the native token reward and Sky Savings Rate.
USDS will be backed up by exactly the same mechanisms as DAI. This rebranding retains most Maker Protocol’s current characteristics.
Rune C. Christensen said that: “Like MakerDAO before it, the Sky Protocol is decentralized, community-governed, permissionless, and non-custodial, with users free to withdraw their funds at any time.”
Christensen, speaking to Blockworks, said that the goal of this rebranding effort is to make Maker’s governance mechanism immutable so that it can grow decentralizedly and sustainably.
“You can’t ultimately have a single legal entity representing a decentralized system. It’s just not possible.” Christensen said.
Maker SubDAOs will now be known as Maker DAOs. These independent protocol units, which Maker uses to enable innovation outside the Maker DAO for the sake of margin, are rebranded into “Sky Stars”.
Spark Protocol, currently with more than $3 Billion in TVL is the first Sky Star that will go live.
Spark Tokenization Grand Prix is an initiative that aims to bring up to $1 Billion of assets from the real world into the Spark Ecosystem.
Mehdi Lébbar, co-founder of Exponential Finance, is not happy with this idea.
“While the idea is to decentralize and distribute governance across various SubDAOs, the sheer number of new governance tokens being introduced could lead to a significant dilution of MKR’s value,” Lebbar informed Blockworks.
Christensen noted that the tokenomics for MKR would be tweaked in addition to redenomination. This will amount to about 3% of the yearly emissions. However, the Stars were meant to self-sustain and need to have their own governance and economic systems.
“The entire objective is to build on top of the track record, the experience, the ability to generate a profit consistently that’s existed and been built up in the Maker protocol for the almost seven years that it has been live, and then use that to create these smaller and more specialized value generating ecosystems,” He said.
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