Stablecoin-focused DeFi protocol Sky (formerly Maker) is considering further brand changes after assessing feedback from its community on the initial rebrand.
MakerDAO, the decentralized autonomous organization behind the DAI stablecoin, transitioned into Sky in September this year. The rebrand gave DAI holders options to upgrade their tokens into the new stablecoin named Sky Dollar (USDS) at a 1:1 ratio, MakerDAO’s governance token MKR into SKY token at a 1:24,000 ratio. Existing DAI and MKR tokens were left to remain active.
According to its founder, Rune Christensen, a number of community members have expressed reservations about the utility of the SKY token. Christensen also acknowledged that the various new reward systems the SKY token roadmap has introduced, along with the protocol’s new features, may have been hard to follow.
“Using Sky as the name of the protocol, the token and the front end, definitely added some confusion,” Christensen wrote on X, further mentioning that many community members are committed to holding MKR instead of upgrading to SKY.
This comes as USDS surpassed a total supply of 1 billion just two weeks after its launch. The token has already been integrated into major DeFi protocols like Aave, Ethena, and Morpho.
Meanwhile, Christensen acknowledged a strong community affinity for the Maker brand, suggesting it might be beneficial to recenter it while maintaining separate roles for Maker and Sky.
The Sky founder set forth three options for the community: continue building with Sky as the core brand, reintroduce Maker as the central identity in its original form, or recenter Maker as the central brand but make small changes for better alignment with USDS and subDAOs known as Stars. Sky plans to hold a community call this Friday to discuss the options.
“Following the community call, I will incorporate all feedback and propose the implementation of the idea as an Atlas Edit that can be voted on from October 28, and which, if approved, will trigger the multiple choice poll in the week starting November 4,” Christensen wrote.
Christensen noted that if the community chooses another rebrand, the protocol will consider new changes in tokenomics as its next steps.
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