In the eighth week of substantial rebranding within the DeFi space, MakerDAO will decide through a community vote whether the new identity, Sky, is a suitable choice.
Rebranding Process
Rune Christensen, one of the founders of MakerDAO, suggested on Monday that Sky and the Maker brand have different roles. This proposal aims to refocus the Maker brand and elevate its prominence.
Community Options
Christensen asked the community to choose among three different options. The first option is to continue using Sky as the main brand. The second option involves reintroducing the Maker brand and utilizing the MKR token as the sole governance token of the DAO. The third option is to maintain Maker under a revamped identity that aligns with USDS and StarDAOs.
Aims of the Rebranding
Sky is part of MakerDAO’s five-phase transformation plan called “Endgame.” Additionally, USDS is launched as an enhanced version of the DAI stablecoin, with Sky (SKY) replacing the MKR token.
Christensen noted that some individuals believe the Sky token lacks functionality beyond the division of 1 MKR into 24,000 SKY. He also added that there are uncertainties regarding token emissions.
Current Status and Next Steps
Following the rebranding, the total value locked (TVL) of USDS stands at $1.12 billion, while DAI’s TVL is recorded at $5.12 billion.
The community will discuss feedback during a call scheduled for October 25. Based on this feedback, a final decision and subsequent steps will be determined. Christensen stated that after deciding the brand’s future, it will be assessed whether changes in tokenomics are necessary.
Overall, MakerDAO’s transition to Sky and community voting represent significant steps in shaping the protocol’s future. This process may play a critical role in the protocol’s long-term sustainability.
