After two years of committed work, MakerDAO has rebranded to Sky. This rebrand brings many exciting updates under the project code-named “Endgame.”
Maker rebranding to ‘Sky’ is a significant move to positioning itself as a leading platform for DeFi-related activities. Read on to learn what this rebrand entails and its benefits for the community.
What is Sky?
Sky is the rebrand of MakerDAO, one of the most profitable DeFi protocols. It is looking forward to making decentralized finance more rewarding for everyone. Sky is working on MakerDAO’s foundation and introducing ways for everyone to enjoy DeFi. As part of the rebrand, Sky introduces several key features:
- USDS – The Upgraded Stablecoin
USDS is the new and improved stablecoin within the Sky ecosystem. You can get it in exchange for DAI at a rate of 1:1 or buy it in exchange for USDC at the same ratio. This update is not mandatory but has some perks that may appeal to the user.
First, USDS holders can earn SKY Token Rewards without exposure to third-party platforms and threats. These rewards are within Sky Protocol and make earning easier and more secure.
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- SKY: The New Governance Token
The governance token of the Sky ecosystem is now known as $SKY. So, with its rewards & features, MKR holders can swap their $MKR for $SKY. This process is an exchange, where you get 24000 SKY for every $MKR (MakerDAO token) you upgrade.
This change is optional but means new ways of interacting with the Sky ecosystem are opening.
Sky.money – Your Gateway to Sky
Sky.money is the new decentralized app (dApp) that is your entry point into the Sky ecosystem. Whether you want to upgrade DAI to USDS or MKR to SKY or Sky.money makes it easy. It’s designed to be user-centric and sets the standard for how DeFi should work.
Source: X
Why is Sky Important?
DeFi has grown up. What started as a niche experiment in DeFi is now an industry bringing real value to everyday people. Sky aims to push this forward by making DeFi more accessible and rewarding for the average user. The Sky ecosystem is only getting started. Here’s a peek at what’s coming soon:
Sealed Activation
This feature encourages long-term participation in governance. It rewards those who “seal” tokens, locking them in the governance system and demonstrating long-term commitment.
- Skylink: It connects Sky tokens to various blockchain networks, making them even more versatile.
- Spark: The first “Star” in the Sky ecosystem, specializing in providing DeFi products backed by the economic power of Sky.
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Conclusion
Sky represents more than a new name for MakerDAO—it’s a bold step forward in upgrading DeFi. With features like USDS, SKY tokens, and the user-centric Sky.money platform, Sky is making it easier for people to enjoy DeFi. With upcoming features like Sealed Activation and Skylink, it is set to play a role in our finances.
Disclaimer
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