MakerDAO, a pioneer in decentralized finance (DeFi), is undergoing a significant transformation. The protocol’s governance token, Maker (MKR), will be upgraded to Sky Governance Token (SKY), while its stablecoin, Dai (DAI), will transition to USDS. This strategic rebrand aims to simplify DeFi for mainstream adoption.
Why Rebrand MKR to SKY and DAI to USDS?
The shift aligns with MakerDAO’s "Maker Endgame" initiative, focusing on:
- Enhanced accessibility for non-technical users.
- Streamlined branding (e.g., "DAI Savings Rate" becomes "Sky Savings Rate").
- Decentralized governance through upgraded tokenomics.
Key Changes:
New Stablecoin (USDS)
- Replaces DAI, maintaining a 1:1 peg to the US dollar.
- Offers SKY rewards for holders via Sky’s new app.
New Governance Token (SKY)
- Replaces MKR with a 24,000:1 conversion rate (1 MKR = 24,000 SKY).
- Retains voting rights for protocol decisions.
Sky Stars (Formerly SubDAOs)
- Independent projects like Spark (a lending platform) integrate into the Sky ecosystem.
How to Upgrade Your Tokens
Starting September 18th, users can voluntarily upgrade:
- MKR → SKY: Swap for enhanced governance features.
- DAI → USDS: Migrate to access rewards and new utilities.
👉 Learn more about the Sky upgrade process
Note: Non-upgraded tokens remain functional but miss out on new features.
FAQs
1. What happens to my MKR and DAI tokens?
Existing tokens won’t automatically convert. Users must manually upgrade to SKY or USDS to unlock rewards.
2. Will the protocol’s functionality change?
Core governance mechanics remain intact, but new features (e.g., SKY staking) will be introduced.
3. Is the upgrade mandatory?
No, but holding upgraded tokens provides exclusive benefits like yield opportunities.
4. How does this affect CoinJar users?
Exchanges like CoinJar are evaluating support—monitor their announcements for upgrade options.
👉 Explore DeFi opportunities with Sky
Conclusion: A Bold Step for DeFi Adoption
MakerDAO’s rebrand to Sky marks a pivotal moment for DeFi, prioritizing clarity and usability. The USDS stablecoin and SKY token launch alongside ecosystem upgrades (e.g., Sky Stars) reflect a commitment to decentralized, user-friendly finance.
Stay tuned for September 18th to begin your token upgrade and leverage Sky’s new features.
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- MakerDAO rebrand
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- USDS stablecoin
- DeFi adoption
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- Sky Governance Token
- Maker Endgame