MakerDAO, a pioneer in decentralized finance (DeFi), has undergone a significant transformation, rebranding itself as Sky. This strategic shift is part of its "Endgame" initiative, introducing two new tokens: USDS, a stablecoin replacing DAI, and SKY, a governance token replacing MKR. The rebranding aims to streamline user experience and broaden DeFi adoption.
Article Highlights
🌌 Sky: A New Identity
Sky represents MakerDAO’s evolution into a modular, user-friendly DeFi platform, featuring USDS (stablecoin) and SKY (governance token).
🛠️ Core Features
- Sky Savings Rate (SSR): Earn variable interest on USDS.
- Sky Token Rewards (STRs): Incentivizes active participation.
- Sky Stars: Innovative SubDAOs for DeFi experimentation.
🔄 Getting Started
Convert DAI to USDS (1:1) and MKR to SKY (1:24,000), stake USDS for yields, and engage in SubDAOs via Sky Stars.
How Sky and Its New Tokens Function
Sky retains MakerDAO’s decentralized ethos while adopting a modular framework. Users can seamlessly convert their assets:
- DAI → USDS (1:1)
- MKR → SKY (1:24,000)
Key Components:
USDS
- Backed by the same collateral as DAI.
- Stability maintained via robust mechanisms.
SKY
- Governance rights and annual token distributions.
- Used via Sky’s official app.
User Benefits and Implementation Strategy
Sky’s redesign prioritizes accessibility and engagement:
✅ Higher Yields
- SSR offers competitive interest rates.
- STRs reward ecosystem participation.
✅ Governance Opportunities
- SKY holders influence protocol decisions.
✅ Innovation Access
- Sky Stars enable involvement in experimental DeFi projects.
For effortless access, leverage platforms like Pintu Web3 to engage with Sky’s services on-chain.
FAQs
❓ What is USDS?
USDS is Sky’s stablecoin, a 1:1 upgrade of DAI with enhanced utility.
❓ How do I convert MKR to SKY?
Swap MKR for SKY at a 1:24,000 ratio via Sky’s app.
❓ What are Sky Stars?
SubDAOs within Sky’s ecosystem fostering DeFi innovation.
Conclusion
Sky’s rebranding marks a pivotal moment for DeFi, combining user-centric design with cutting-edge features like USDS, SKY, and Sky Stars. This evolution underscores MakerDAO’s commitment to driving decentralized finance forward.
References:
- Blockworks. Maker rebrands as SKY, DAI will be upgradeable to USDS.
- Bybit Learn. Sky (SKY): Supercharged Upgrade of MakerDAO & DAI.