Maker protocol has officially rebranded to Sky and unveiled the name of its upgraded stablecoin and native governance token in an effort to make decentralized finance (DeFi) accessible to the masses.
As part of its rebranding efforts, Maker, the longest-standing DeFi lending protocol, has rebranded the world’s largest decentralized stablecoin, Dai (DAI), into USDS.
The protocol also introduced the Sky (SKY) native governance token for the wider Sky ecosystem, as an upgraded version of the Maker (MKR) token.
The rebranding effort is a step to usher in the “next evolution of DeFi,” claims Rune Christensen, the co-founder of MakerDAO.
Christensen wrote in an announcement shared with Cointelegraph:
“The protocol has been built with a […] focus on simplicity and ease of use. It allows users to benefit from innovations such as Sky Token Rewards (STRs) and the Sky Savings Rate (SSR), provided they are in an eligible jurisdiction.”
Like MakerDAO, the Sky Protocol remains decentralized, community-governed and non-custodial, added Christensen.
Maker rebrands to Sky. Source: Sky
Continued improvements in DeFi protocols could help attract more mainstream users from centralized exchanges (CEXs).
For Sky, the rebranding effort aims to increase access to the protocol, Christensen told Cointelegraph:
“By upgrading MKR to SKY at a rate of 1:24,000, far more people are provided with access to the Sky ecosystem. The larger supply of SKY improves the experience for those who want to purchase more than just a fraction of the token…”
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Maker SubDAOs rebrand to Sky Stars
As part of the rebranding effort, Maker SubDAOs will become Sky Stars, remaining independent decentralized projects that connect the Sky ecosystem through their unique business models and autonomy.
The first such subDAO to go live is Spark, an open-source, decentralized liquidity protocol currently offering users a 6% yield for depositing DAI tokens while enabling users to borrow USDS at a 7% interest rate.
Spark.fi deposit and borrow page. Source: Spark.fi
Each Sky Star subDAO will be able to autonomously release a governance token, manage its treasury and community, and independently implement DAO-specific decisions, Christensen told Cointelegraph:
“Sky Stars will be able to innovate, experiment and take more risks, while the Sky Protocol itself can remain purely focused on maintaining the value and security of the USDS stablecoin. Core Sky Governance will protect against risks in the tail end, while Stars specialize in doing business in the trenches. “
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Lending remains second-largest protocol category in DeFi
Spark is among the second-largest protocol categories in DeFi, which is lending.
There are currently 443 DeFi lending protocols worth a combined total value locked (TVL) of over $33.4 billion, second to liquid staking, which is the largest protocol category worth over $44.3 billion, according to DefiLlama data.
Out of the 443 lending protocols, Spark is currently the third-largest one, with a $2.66 billion TVL that decreased nearly 14% over the past month.
Top 5 DeFi lending protocols. Source: DefiLlama
Aave remains the leading DeFi lending protocol, with over $12.1 billion in TVL, which fell over 5% during the past month.
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