The community for decentralized finance lending platform Sky is considering doubling back to its original Maker brand after apparent confusion and negative feedback over its rebrand since August.
On Oct. 21, Sky co-founder Rune Christensen, made a proposal on the platform’s governance forum to generate discussion to “recenter the Maker brand.”
He highlighted the success of the recent launch of the USDS decentralized stablecoin and the introduction of the Sky protocol since it rebranded from Maker in late August.
However, there has been some confusion in the community regarding the roles of the Sky token and Maker brand, and feedback suggests a strong affinity for the Maker brand over Sky.
“It is also now more clear than ever just how much the DeFi community loves and trusts the Maker brand,” he said before adding:
“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 made three proposals for possible directions: continue with Sky as the core brand to capitalize on its recent momentum, recenter the Maker brand with its original identity while reinstating MKR as the sole governance token, and finally, recentering Maker with a refreshed identity, modernizing it to align with USDS.
Sky rebranding proposals. Source: Sky governance forum
The next steps include gathering feedback in a community call on Oct. 25 and holding a governance poll on Nov. 4 to decide on the future direction of the Maker brand and tokenomics.
While Maker was rebranded to Sky in August, most of the commotion around the time was about the platform’s new stablecoin USDS. The crypto community lambasted USDS over a “freeze function,” which resulted in concern over its decentralization.
The DeFi platform’s former governance token (MKR) has tanked 45% since the late August rebrand despite the re-denomination of 1 MKR to 24,000 SKY tokens.
MKR is trading down a further 3.5% on the day at $1,178, its lowest level since September 2023.
MKR/USD 1 year. Source: Tradingview
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