MakerDAO Rebrands to 'Sky' as $7B Crypto Lender Rolls Out New Stablecoin, Governance Token

The driving motivation behind the changes was "how to scale DeFi to gigantic size" and grow a decentralized stablecoin, Rune Christensen said in an interview with CoinDesk.

MakerDAO, one of the oldest and largest decentralized finance (DeFi) lenders, has unveiled a major overhaul, complete with a new name, tokens and a plan to grow "gigantic."

MakerDAO Is Now 'Sky' as $7B Crypto Lender Rolls Out New Stablecoin, Governance Token

Announced Tuesday, Maker has now rebranded to "Sky." The protocol, which boasts $7 billion in assets, will also introduce new iterations of its $5 billion stablecoin (DAI) and governance token (MKR), dubbed the USDS stablecoin and SKY governance token, respectively.

DAI and MKR will continue to circulate as is, with the new tokens set to exist in parallel. Token holders will have the option to exchange DAI tokens 1:1 for USDS, while each MKR token can be swapped for 28,000 SKY tokens. The new tokens will be issued on Sept. 18, and holders can choose to either hold the old tokens or exchange them for the new ones voluntarily.

"The fundamental factor was how to grow DeFi to gigantic scale, something as big as Tether or even bigger," Rune Christensen, MakerDAO's co-founder, told CoinDesk in an interview.

Tether issues the $116 billion USDT, the largest stablecoin in the market.

Christensen led the protocol's major, multi-year overhaul, dubbed the "Endgame." As part of the process, he first outlined plans to introduce "upgraded" versions of the platform's stablecoin and governance token in May 2023 in a governance forum post.

Rune Christensen Explains Why He Wants to Remake Maker and Kill DAI

The protocol is pinning its growth ambitions on native token rewards for USDS and SKY holders through the protocol's new user interface, the Sky.money application, Christensen said.

However, the reward accrual feature will be restricted for certain jurisdictions, including the U.S. and U.K.

The overhaul also entails breaking up the platform into smaller, independent entities with their own tokens. These organizations, previously known as SubDAOs, will be called Stars as part of the rebranding effort.

The first of these entities will be Spark, the lending platform built on top of Maker/Sky.

But this transformation will take "a few months to complete when the entire experience has been tested and ramped up," Christensen noted in the interview.

EDITED BY

Krisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.

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Please note that ourprivacy policy,terms of use,cookies, do not sell my personal information CoinDesk is anaward-winning strict set of editorial policies. CoinDesk was acquired Bullish, Block.one; both companies haveinterests

RISKS DISCLOSURE

Please note that ourprivacy policy,terms of use,cookies, do not sell my personal information CoinDesk is anaward-winning strict set of editorial policies. CoinDesk was acquired Bullish, Block.one; both companies haveinterests

RISKS DISCLOSURE

Please note that ourprivacy policy,terms of use,cookies, do not sell my personal information CoinDesk is anaward-winning strict set of editorial policies. CoinDesk was acquired Bullish, Block.one; both companies haveinterests

RISKS DISCLOSURE

Please note that ourprivacy policy,terms of use,cookies, do not sell my personal information CoinDesk is anaward-winning strict set of editorial policies. CoinDesk was acquired Bullish, Block.one; both companies haveinterests

RISKS DISCLOSURE

Please note that ourprivacy policy,terms of use,cookies, do not sell my personal information CoinDesk is anaward-winning strict set of editorial policies. CoinDesk was acquired Bullish, Block.one; both companies haveinterests

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