In order to expand the appeal and popularity of decentralized finance (DeFi), the Maker protocol, which has long attracted much attention, has officially been renamed "Sky". The name change is accompanied by the release of upgraded stablecoins and governance tokens, aiming to promote the next stage of DeFi development.
Changed its name to Sky, and the tokens DAI and MKR were renamed
Maker Protocol, one of the pioneers of decentralized financial lending platforms, has renamed its widely used stablecoin Dai (DAI) to "USDS." Additionally, a new governance token, Sky (SKY), was launched to replace the original Maker (MKR) token.
Rune Christensen, co-founder of MakerDAO, emphasized that this name change is not just a superficial change, but a strategic adjustment aimed at making DeFi more accessible. “The protocol is designed with a focus on simplicity and ease of use,” Christensen said. “Users will benefit from features such as Sky Token Rewards (STR) and Sky Savings Rate (SSR), which are available in eligible regions.”
Despite the name change, the Sky Protocol remains decentralized, community-governed and non-custodial, continuing the core ethos of MakerDAO.
Expand participation with SKY tokens
A major goal of this rebrand is to increase participation in the ecosystem. During the conversion process from MKR to SKY, a conversion ratio of 1:24,000 was adopted, effectively lowering the entry barrier for new users. “The larger number of SKY tokens provides a better experience for users who want to purchase more than a small portion of the tokens,” Christensen explained.
By simplifying the usage process, Sky aims to attract more mainstream users away from centralized exchanges (CEX).
SubDAO evolves into Sky Stars
As part of the rebranding plan, Maker’s SubDAO will be renamed “Sky Stars”. These independent decentralized projects will continue to operate autonomously, each contributing to the Sky ecosystem with a unique business model and dedicated governance mechanism.
The first of these Sky Stars is Spark, an open-source liquidity protocol that offers users 6% earnings for depositing DAI tokens and 7% interest for borrowing USDS. Christensen emphasized that Sky Stars will have the freedom to innovate and take risks, allowing them to introduce their own governance tokens, manage funds and make independent decisions. At the same time, the core Sky protocol will focus on maintaining the stability and security of the USDS stablecoin.
"Sky Stars can boldly innovate and challenge boundaries, while the master protocol ensures the long-term value and stability of USDS. This division of labor promotes innovation while ensuring security," Christensen added.
DeFi lending continues to boom
The lending space of decentralized finance remains an important force in the ecosystem. According to DefiLlama, there are currently 443 lending protocols with a total value locked (TVL) of over $33.4 billion, making it the second largest category after liquid staking.
Among these protocols, Spark has become the third-largest lending protocol with a TVL of $2.66 billion, although that number has fallen 14% over the past month. Aave still leads the DeFi lending space with TVL of $12.1 billion, but also fell 5% during the period.
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