Maker, one of the crucial first and biggest DeFi lending protocols on Ethereum, has rebranded to “Sky” following key upgrades to its decentralized stablecoin device.
That stablecoin, prior to now referred to as DAI, has additionally rebranded to USDS, and the MKR governance token has been modified to SKY.
From MKR to SKY: What’s Fresh?
As introduced over Twitter on Tuesday, SKY is an “upgraded version” of MKR out there by means of supplying USDS token to the Sky protocol thru Sky.cash. 1 DAI can also be transformed into 1 USDS token, and 1 MKR can also be transformed to 24,000 SKY tokens.
The conversion will assemble person SKY tokens way more reasonably priced than MKR tokens have been, that are recently buying and selling for $2,123 apiece, in line with CoinGecko. MKR is ranked 41 amongst all cryptocurrencies by means of marketplace capitalization.
“Powered by the decentralized Sky Protocol, Sky.money will offer seamless and non-custodial access to Sky’s tokens and rewards through an exceptional user experience,” wrote Sky. The Sky protocol will permit for “seamless swapping of ETH, USDC, and USDT into USDS,” they added.
Belongings deposited with Sky will all the time stay in consumer custody, permitting them to draw out their belongings from the protocol with out permission. Must the DAO’s decentralized governance lets in for it, Sky stated customers might be able to additionally earn tokens from alternative decentralized initiatives thru Sky.
The Evolution of DeFi
In step with MakerDAO co-founder Rune Christensen, the rebrand to Sky is an aim to seize its position within the “next evolution of DeFi.”
“The protocol has been built with a […] focus on simplicity and ease of use,” he informed CoinTelegraph. “It allows users to benefit from innovations such as Sky Token Rewards (STRs) and the Sky Savings Rate (SSR), provided they are in an eligible jurisdiction.”
The rebrand additionally comprises renaming Maker’s “SubDAOs” to “Sky Stars” – DAOs attached to Maker governance that also perform semi-independently, with their very own governance tokens and processes. Sky Stars are supposed to operate as Maker’s riskier innovation layer, future Sky itself extra devoted to securing the USDS stablecoin and protective towards tail dangers.
The primary and biggest Sky Big name is Spark – a lending protocol with $2.529 billion in TVL, in line with DeFiLlama. That is the 3rd greatest lending protocol in all of DeFi, then to Aave and JustLend.
Maker itself has a TVL of $6.44 billion with the exception of positive sub-protocols, making it the 4th greatest DeFi protocol.
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