MakerDAO Changes Its Name to Sky, the USDS Stablecoin is Coming

The cryptographic protocol, which boasts a TVL of 4.18 billion dollars, changes its name in line with the “Endgame” plan and launches a new website.

MakerDAO has just completed its rebranding to Sky, anticipating the launch of the stablecoin USDS in September.

The cryptographic protocol, which boasts a TVL of 4.18 billion dollars, changes its name in line with the “Endgame” plan and launches a new website.

All MKR tokens can be converted into SKY at the total discretion of the users, while DAI will become USDS.

Let’s see what this clear change entails and what awaits us from here on out.

The DeFi project MakerDAO changes its name to Sky

The famous DeFi protocol MakerDAO has officially changed its name to Sky, awaiting the completion of the distribution of the stablecoin USDS in September.

The announcement comes from the project itself with a post on X dated August 27, outlining all the changes previously hinted at in March of this year.

This rebranding process is part of the ambitious plan “Endgame”, presented a few months ago by Rune Christensen, founder of MakerDAO.

The goal is to transform the protocol into a more decentralized, resilient, and user-friendly ecosystem.

Sky is here. The best and easiest place to get rewarded for saving without giving up control.

Discover the upgraded tokens, new features, and boosted Sky Token Rewards for early sign-ups.

Follow this thread for the latest news and updates about SkyLaunch. pic.twitter.com/Qc25KRPzR8

In addition to the launch of a new website with a cleaner and more intuitive front-end for the end user, MakerDAO is making a radical change.

In fact, the governance token of the MKR protocol officially becomes SKY, with the holders who can, however, decide whether to execute the switch.

Each MKR token can be upgraded to 24,000 SKY tokens, while DAI will convert to USDS at a 1:1 ratio starting from September 18.

Source: https://sky.money/

Obviously, it is likely that the majority of MKR tokens will be converted into SKY given the advantages on the yield side and the incentives of liquidity.

Already now Maker DA plans to launch a farming campaign with activation token rewards and Sky Savings Rate (SSR).

At the moment SKY is not yet available on the market, but it will presumably be introduced as early as next month in conjunction with the debut of the stablecoin.

Rune Christensen, regarding this major change, reported the following in a recent interview:

“Sky represents the complete transformation of Maker, encompassing all the knowledge that the organization has gathered over the years”

The transition to Sky also affects the Maker SubDAOs

The rebranding of MakerDAO to Sky that precedes the launch of the stablecoin USDS, has implications also for the so-called “Maker SubDAOs”.

For those who do not know, we are talking about independent protocol units that operate within MakerDAO, the most famous of which is the lending platform Spark.

With the Endgame plan these SubDAOs officially become “Sky Stars ”.

Spark, which has a TVL of 2.4 billion dollars, is now integrated as the first “Stars” in the new ecosystem called Sky.

Maker is now Sky.

The decentralized Sky Protocol and its gateway, https://t.co/mpH2lI4xkg, have been introduced.

As part of this transformation, Spark is now integrated as the first Star in the newly named Sky Ecosystem.

Follow @SkyEcosystem for more updates and stay informed… https://t.co/pYyvTejLXD pic.twitter.com/4yf9JB42yf

These Stars include various independent decentralized projects that perform specialized operations within the MakerDAO ecosystem.

Everyone  will have their own business model, token, governance, and treasury. Users will be able to farm tokens issued by Stars using USDS.

Spark, for example, will allow users to provide crypto as collateral to take out a loan in USDS.

The founder of MakerDAO described the Sky Stars as a fundamental element of the change:

“The Stars are the main pillar of downsizing. Think of them as L2 for governance, allowing parallel communities to specialize in different areas. The stars must be able to fail, which allows for the experimentation of riskier ideas.”

It should be noted that in the Endgame plans it is not certain that there will be an initial restart on Ethereum. MakerDAO had long declared its intention to build on Solana, without, however, concluding any operational plan.

The same statements by the project’s founder had prompted Vitalik Buterin to liquidate over half a million MKT tokens at that juncture.

The stablecoin DAI will become USDS in September but something will change

The transition of MakerDAO to Sky, as mentioned, involves the launch of the stablecoin USDS which from September 18 will replace DAI.

We remind you that this latest stable currency is currently the third