The Sky Protocol (Formerly Maker) Has Started a Vote on Whether It Should Remain With the Current Brand or Recenter Back to the Maker Brand

The poll, which at the time of writing is seeing members of the StarDAO, its decentralized autonomous organization (DAO), support keeping the brand current brand, isn't binding and has so far seen limited participation.

Members of the decentralized autonomous organization (DAO) governing the Sky Protocol (formerly Maker) are voting on whether to keep the current branding for the core protocol and its backend infrastructure or to “recenter” the Maker brand.

The poll, which is not binding and had limited participation as of press time, comes after the MakerDAO rebranding to Sky Protocol in September.

If token holders decide to keep the current branding, it will entail “no further changes happen and everything remains as today with the brand,” according to the proposal. The protocol will continue its efforts to transition from MKR to SKY tokens and maintain its frontend on Sky.money.

The second option would “recenter the Maker brand,” keeping the Sky.money frontend and the USDS stablecoin — launched after the rebrand in place of DAI — and reverting the protocol to Maker on the backend, with MKR becoming the core asset again.

A third option would “recenter the Maker brand with a limited brand refresh,” in a hybrid approach that would reclaim the core protocol with a slight aesthetic change aligning with USDS and the StarDAO governance system.

The voting process is designed to ensure a clear outcome, with the option receiving the most votes winning. However, if the Maker-centric options combine for more votes than keeping the Sky branding, the recentering Maker option will be chosen.

Sky’s rebrand troubles

MakerDAO rebranded to Sky in September, and since then, the price of the protocol’s native token — which was converted from MKR to SKY — has been declining.

The token lost about 23.3% of its value over the past month, while the total market capitalization of the space’s assets increased by 8.25% during that period.

The rebrand also led to some confusion regarding the roles of Sky as both the name of the protocol and its governance token, while the protocol’s troubles were also compounded by users’ reluctance to convert their MKR into SKY.

Despite this, the launch of USDS was a success, with CCData’s latest Stablecoins & CBDCs report detailing that the stablecoin’s market capitalization rose by 66% last month to surpass the $1 billion mark.

It was the second-fastest stablecoin to achieve this, managing the rise in just 13 days with help from over $500 million in DAI being converted.

Some in the community also associate the Maker brand with stability and security, traits that some believe contributed to the price performance of the MKR token prior to the rebrand.