Decentralized finance (DeFi) protocol MakerDAO has formally rebranded to Sky, forward of launching its new stablecoin USDS in September.
MakerDAO is likely one of the crypto world’s largest and oldest DeFi initiatives, and its DAO chain runs on Ethereum.
Sky is right here.
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Uncover the upgraded tokens, new options, and boosted Sky Token Rewards for early sign-ups. Comply with this thread for the newest information and updates about SkyLaunch. pic.twitter.com/Qc25KRPzR8
— Sky (@SkyEcosystem) August 27, 2024
Sky’s USDS stablecoin will launch on September 18. USDS is meant to behave as a successor to the mission’s flagship stablecoin DAI, which is at the moment the world’s third-largest stablecoin with a market capitalization of roughly $81 billion.
One other new coin, often known as SKY, serves because the “upgraded model” of MKR, MakerDAO’s treasury coin.
Picture: Sky
USDS and SKY is not going to change the mission’s present cryptocurrencies, and DAI and MKR will stay in circulation.
MakerDAO’s customers will have the ability to voluntarily trade their cryptocurrencies for USDS and SKY.
Every MKR token shall be convertible to 24,000 SKY tokens, whereas every DAI token will convert to 1 USDS.
The rebranding mission has been termed “Endgame” by MakerDAO founder Rune Christensen, who has mentioned it should result in elevated accessibility for customers as soon as full.
The rebrand, which was first introduced by the mission’s founder in March 2024, will even embody a brand new web site and app.
The web site is at the moment reside, although many customers in nations internationally have reported difficulties accessing the location as of the time of writing.
The Endgame revamp is not going to see the DeFi mission depart from the Ethereum blockchain which the mission has used since its inception.
MakerDao’s founder had teased the concept of making a series based mostly on competitor blockchain Solana—resulting in a sell-off of MKT tokens from Ethereum founder Vitalik Buterin, which totalled over $500,000 on the costs of the time.
Nonetheless, Sky has not lately introduced any plans to construct on Solana.
NewChain, a stand-alone L1 blockchain “that may host the core tokenomics and governance mechanics of Maker Core and the SubDAOs”, has been dubbed the ultimate stage of Endgame.
Different upcoming modifications are slated for the Endgame revamp. Maker SubDAOs, unbiased protocol items which function inside MakerDAO, shall be renamed “Sky Stars”.
Maker SubDAOs embody Spark Protocol, which reached over $1 billion in TVL in March based on DeFillama.
MKR is up 1.4% prior to now 24 hours following the announcement, per knowledge from CoinGecko.
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