Sky considers reverting to MakerDAO after community pushback Sky considers reverting to MakerDAO after community pushback
Sky co-founder Rune Christensen said any changes should not negatively impact the project's token holders.
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Updated: Oct. 22, 2024 at 12:49 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
DeFi project Sky (formerly known as MakerDAO) is evaluating the possibility of additional brand adjustments following community feedback on its recent rebrand.
On Oct. 21, Sky’s co-founder Rune Christensen released a proposal that reviewed the protocol’s accomplishments and the challenges it has faced since transitioning from MakerDAO to Sky.
Christensen noted that the protocol’s newly launched stablecoin, USDS, has already surpassed a supply of 1 billion just two weeks after its introduction. This rapid growth, largely driven by new users, has resulted in an influx of $700 million into both USDS and DAI since USDS went live.
In addition to USDS’s performance, Christensen mentioned that the token has been integrated with leading DeFi platforms such as Aave, Ethena, and Morpho. The Sky.money website also attracted more than 400,000 visitors in its first month of operation.
Despite these achievements, the platform has faced significant negative feedback since its rebrand.
Potential return to MakerDAO?
According to Christensen, the community’s concerns mainly revolve around confusion over the new Sky brand and the utility of its token. Many users remain loyal to the MakerDAO brand, and some prefer to hold MKR tokens rather than switch to SKY.
Christensen acknowledged this problem and suggested that the community might need to revisit the branding strategy while resenting three possible courses of action.
The first option is to retain the Sky brand, which has gained some visibility since the rebrand. The second option would involve reverting to the original Maker brand, with MKR as the sole governance token.
The third option proposes a hybrid solution, where the Maker name is retained but refreshed to align with recent product launches, such as the USDS stablecoin and the emerging StarDAO ecosystem.
Christensen emphasized that any changes should not negatively impact users or token holders, stating:
“It is critical that no users, or token holders, are unfairly treated or have their user experience unexpectedly change – e.g. users that have received SKY Token Rewards, should of course end up with core protocol tokens, as they expected. Sky.money shouldn’t suddenly change or lose functionality.”
A community call to discuss and choose one of these options is scheduled for Friday, Oct. 25. Following this meeting, a finalized proposal dubbed the “Atlas Edit” will be published on Oct. 28 for further community input. If approved, a formal vote will begin on Nov. 4 to determine the final course of action.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Maker is a decentralized autonomous organization on the Ethereum blockchain seeking to minimize the price volatility of its own stable token — the Dai — against the IMF’s international currency basket SDR.
Dai
$1.00001
Dai (DAI) is a cryptocurrency token and operates on the Ethereum platform.
Aave
$157.818
Aave is an open source and non-custodial protocol enabling the creation of money markets.
Maker is a Decentralized Autonomous Organization that creates and insures the dai stablecoin on the Ethereum blockchain.
Rune Christensen is Chief Executive Officer and Cofounder of MakerDAO.
