Sky mulls Maker brand return amid confusion and negative feedback

According to Cointelegraph, the decentralized finance lending platform Sky is contemplating a return to its original Maker brand

Decentralized finance lending platform Sky is considering a return to its original Maker brand following confusion and negative feedback since the August rebrand.

On October 21, Sky co-founder Rune Christensen proposed on the platform’s governance forum to discuss “recentering the Maker brand.” He noted the success of the recent launch of the USDS decentralized stablecoin and the introduction of the Sky protocol since the rebrand. However, there has been confusion within the community regarding the roles of the Sky token and Maker brand, with feedback indicating a strong preference for the Maker brand.

Christensen emphasized the community’s trust and love for the Maker brand, stating, “There was a lot of affinity for the brand and what it stands for - stability, security, and DeFi scale. And there is a lot of commitment to holding the MKR token versus upgrading to SKY.” To address these concerns, he proposed three potential directions: continuing with Sky as the core brand, recentering the Maker brand with its original identity and reinstating MKR as the sole governance token, or recentering Maker with a refreshed identity to align with USDS.

The next steps involve gathering feedback in a community call on October 25 and holding a governance poll on November 4 to decide the future direction of the Maker brand and tokenomics.

Despite the rebrand to Sky in August, the focus at the time was on the platform’s new stablecoin USDS, which faced criticism over a “freeze function” that raised concerns about its decentralization.

Since the rebrand, the former governance token MKR has dropped 45%, with a further decline of 3.5% on the day, trading at $1,178, its lowest level since September 2023.