From Web3 to Sky: How Crypto and Web3 Companies Are Rebranding to Remove Overt "Web3-native" Terminology

This trend accelerated after 2022, as firms sought to distance themselves from several crypto market-related scandals.

Recent years have seen several crypto and Web3 companies rebranding to remove overt "Web3-native" terminology and broaden their appeal to a mainstream audience.

The trend, which accelerated after 2022, also saw firms seeking to distance themselves from several crypto market-related scandals.

Shifting From Web3 Label for Mainstream Appeal

The collapse of high-profile projects and platforms, such as FTX, cast a harsh shadow over the crypto industry in many mainstream circles.

To broaden their appeal, many crypto and Web3 firms have started phasing out terms like "crypto," "DeFi," "DAO," and "NFT" from their branding and public messaging.

For firms with long-term ambitions, especially those seeking institutional and traditional finance partnerships, the use of crypto-native language can carry a risk of alienation.

Meanwhile, as the technology continues to mature, many companies have found their offerings branching into new horizons, such as gaming, AI and infrastructure.

MakerDAO to Sky Protocol (2024)

In 2024, MakerDAO, known for operating the Maker protocol, underwent a major rebrand.

The name changed to Sky, with its stablecoin DAI rebranded as Sky Dollar. It also launched a new governance token called SKY.

The move aimed to make the project more accessible to a broader audience beyond the crypto-native community.

Speaking to The Defiant, founder Rune Christensen said the rebrand addressed one of Maker's long-standing issues, "that it wasn't so approachable."

However, the community's reaction was mixed. Some users criticized the rebrand as being "too Web2."

In October, Christensen acknowledged the pushback on X , noting the community's deep attachment to the original brand:

"It is now more clear than ever just how much the DeFi community loves and trusts the Maker brand," he wrote.

"There is a lot of affinity for what the Maker brand stands for-stability, security, and DeFi at scale. And there is a strong commitment to holding the MKR token rather than upgrading to SKY," he added.

Web3 Ventures to Orthogonal Global Group (2024)

In 2024, Web3 Ventures officially rebranded to Orthogonal Global Group, removing any direct Web3 associations from its public identity.

The rebrand reflected a broader investment thesis.

CEO David Nikzad described the company's new direction as embracing "conscious capitalism," investing for financial returns and meaningful societal impact.

The shift represents a focus that extends beyond crypto to wellness, healthcare, AI, fintech, and deep tech.

While Web3-related investments remain part of the strategy, they are now positioned as one component within a diversified portfolio.

The firm said the name Orthogonal embodies "progress through innovative and unforeseen methods."

BitDAO to Mantle (2023)

In 2023, BitDAO rebranded to Mantle, migrating its operations to an Ethereum scaling solution of the same name.

After a governance vote, the BIT token was renamed to MNT (Mantle), with 235 million in favor and just 988 votes against.

The rebrand aimed to simplify the organization's structure under a "one brand, one token" philosophy.

Mantle was likely chosen for its broader mainstream and regulatory appeal compared to the crypto-centric name BitDAO.

Initially launched in 2021, prominent investor Peter Thiel led its $230 million early funding round.

DeversiFi to Rhino.fi (2022)

In 2022, decentralized exchange DeversiFi rebranded to Rhino.fi, moving away from overtly crypto-related branding.

The change marked the launch of what the company called the "first truly frictionless platform for multi-chain DeFi."

"Until now, users had to grapple with complex bridges, unnecessary wallets, and high network fees when moving cross-chain," the announcement stated.

The company emphasized the need for a brand "as unique and memorable as the opportunity we’re offering—one that captures the essence of our team and project."

Although not explicitly stated, the rebrand appeared to be an effort to make the platform more accessible to mainstream users and shift the focus from DeFi jargon to seamless financial interaction.

Square Crypto to Spiral (2021)

In 2021, Jack Dorsey's Square rebranded its corporate identity to Block.

As part of this shift, Square Crypto, a Bitcoin-focused initiative within the company, was renamed to Spiral.

"We wish we had a meticulous ‘Why Spiral?’ manifesto to publish, but the truth is that after a long and exhausting rebranding exercise, it just looked and sounded the coolest," the firm said.

Square Crypto was never an ideal name, the team said, as it directly linked the initiative to its corporate parent which they