- MakerDAO has rebranded with a new name.
- The protocol also introduces new token upgrades.
- The newly rebranded ecosystem and upgraded tokens are scheduled to launch in September.
MakerDAO announced a major rebrand on Tuesday and launched two newly upgraded tokens in an effort to fuel the adoption of decentralized finance (DeFi).
As part of the “Endgame” move, the protocol changed its name to Sky and designated USDS and SKY as the upcoming token upgrade. Other new features introduced with the upgrade include Native Token Rewards and a new DeFi app and website called Sky.money, which the protocol said will be maintained by an independent entity.
MakerDAO Rebranding
According to a statement shared by MakerDAO co-founder Rune Christensen on August 27, the protocol’s governance process has approved the new ecosystem and upgraded tokens, which will be officially launched on September 18.
Christensen said USDS will serve as the stablecoin of the Sky ecosystem, while SKY will be the governance token. However, the token will not replace DAI and MKR, and the protocol has previously clarified that it will be “usable indefinitely.”
DAI holders can upgrade their tokens to USDS or convert Circle’s USDC to the new decentralized stablecoin at a 1:1 ratio. USDS is used to access SKY token rewards or the regular savings rate, but the program is limited to US, UK, and VPN users.
“These rewards are built into the Sky Protocol, which means that the user doesn’t have to get exposed to external protocols with unknown risk. All eligible users are doing is using USDS you own inside the Sky Protocol itself,” the statement read.
According to the statement, MKR holders will be able to upgrade their tokens to SKY, with 1 MKR being exchanged for 24,000 SKY. In addition to strengthening governance, the SKY token will gain additional features such as Sealed Activation and Regular Activation. Christensen said these features will reward eligible users with USDS and Token Rewards.
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