In a groundbreaking shift for decentralized finance, MakerDAO has rebranded as Sky, unveiling its next-generation stablecoin USDS and governance token SKY. This strategic pivot aligns with Sky’s "Endgame" vision to simplify DeFi and empower global users through enhanced accessibility, governance participation, and yield opportunities.
Sky’s Rebranding: Key Changes and Innovations
1. From MakerDAO to Sky: A Protocol Transformed
- USDS Stablecoin: Replaces Dai (1:1 conversion) with a focus on broader adoption.
- SKY Token: Supersedes MKR (24,000 SKY per MKR) to decentralize governance.
- Upgrade Timeline: Begins September 18, 2024.
2. Democratizing Governance
Sky’s tokenomics prioritize inclusivity:
- Lower barriers for smaller investors to hold SKY.
- Enhanced voting power distribution to foster community-driven decisions.
3. Sky Savings Rate (SSR) & Token Rewards
- SSR: Earn yields on USDS holdings, with double rewards during the launch period (exact APY TBA).
- Sky Token Rewards (STRs): Hold USDS to farm SKY tokens, incentivizing long-term participation.
👉 Discover how Sky’s yield programs compare to traditional savings
Sky Stars: The Evolution of MetaDAOs
Sky rebrands its subDAO ecosystem as Sky Stars, featuring:
- Decentralized Business Models: Each subDAO operates independently.
- USDS Farming: Stake USDS to earn tokens from Sky Stars projects.
- Collaborative Growth: Encourages innovation across DeFi sectors.
Why USDS? Sky’s Strategic Shift
Rune Christensen highlights:
- Simplicity: "USDS" directly references the USD, easing onboarding.
- Global Appeal: Clear branding to attract mainstream users.
- DeFi Expansion: Aims to bridge the gap between crypto and traditional finance.
FAQs: Sky’s Rebranding Explained
Q: How does the MKR-to-SKY conversion work?
A: 1 MKR = 24,000 SKY. The upgrade portal opens September 18, 2024.
Q: What happens to my Dai?
A: Dai automatically converts to USDS at a 1:1 ratio.
Q: Are Sky’s yields sustainable?
A: SSR leverages proven mechanisms like Dai Savings Rate (6% APY), with safeguards against volatility.
Q: Can I participate in Sky Stars?
A: Yes! Stake USDS to farm tokens from Sky’s subDAOs.
👉 Explore Sky’s governance tools today
Sky’s transformation reflects DeFi’s maturation—prioritizing usability, community, and innovation. With USDS and SKY, the protocol is poised to redefine decentralized finance for millions worldwide.
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