The Maker Protocol has officially rebranded as Sky. It is set to introduce a new stablecoin and governance token to broaden its appeal in the decentralized finance (DeFi) space. The formerly recognized stablecoin referred to as Dai (DAI) has been rebranded as $USDS. Furthermore, it resumed the utilization of the MAKER (MKR) token as Sky ($SKY). Being the native asset, it will act as the primary form of governance within the Sky ecosystem.

Rune Christensen Describes Sky Rebranding as Evolution of DeFi

Rune Christensen, co-founder of MakerDAO said a similar thing by referring to such moves as the evolution of DeFi to the next level; this move seeks to make it easier for users to access the world of decentralized finance. It will be known as the Sky platform and incorporates features like the Sky Savings Rate (SSR) and Sky Token Rewards (STRs) for users in specific regions.

The rebalancing endeavour is aimed to bring the Sky Protocol closer to the people owing to the increased supply of the token. To further explain, the specified exchange rate of 1 MKR: 24,000 SKY will help the protocol to enable users to obtain larger quantities more comfortably. These changes are for the purpose of enhancing the experience for participants and to increase users and investors from CEXs.

Sky Protocol ($SKY) Focuses on Stability and Security While Sky Stars Drive Innovation

During the restructuring, the SubDAOs of Maker will be renamed Sky Stars. These independent decentralized projects will be able to continue their operations independently while simultaneously, becoming a part of Sky ecosystem. The first Sky Star, Spark, is an open-source Liquidity Protocol that enables the users to yield a 6% return for deposits of DAI tokens and permit borrowing of the USDS at 7% interest rate.

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Another key aspect of Sky Stars is that each project will have its own governance tokens, treasuries, and decision-making process. On the other hand, the core Sky Protocol will remain the priority as its main task is to ensure the stability and security of the USDS stablecoin. This allows for innovation and experimentation within the Sky ecosystem while maintaining strong governance and risk practices.