What is going on with Maker (MKR) and Dai (DAI)? And what is Sky (SKY) and what is USDS? Don't panic, here's the breakdown.
What is happening with and ? Maker (MKR) is the existing governance token. It will be upgraded to Sky Governance Token (SKY). Dai (DAI) is the existing stablecoin. It will be upgraded to USDS.
The overall goal is to make DeFi easier to understand and use for regular people. By rebranding and simplifying things, the hope, according to MakerDAO, is to attract more users.
Maker was an early player in the decentralised finance (DeFi) field. With the rebrand, they are also making changes to their core products.
The new stablecoin, USDS, is designed to stay at a value of $1. The old stablecoin was called DAI.
People who hold get to vote on how the whole system is run. Maker's old governance token was called MKR.
This move by Maker (now Sky) is significant because it signals a push towards greater mainstream adoption of DeFi.
Maker is undergoing a major transformation, changing its name to Sky, introducing a new stablecoin (USDS), and a new governance token (SKY). They want to make DeFi more accessible and user-friendly.
The rebranding also affects Maker's , which will now be known as Sky Stars. These remain independent projects but will connect to the broader Sky ecosystem. Spark, the first Sky Star, is a lending platform where users can earn interest on their USDS deposits and borrow USDS or DAI.
Users can choose to upgrade their old tokens to the new ones starting September 18th. If you have MKR, you can swap one for 24,000 SKY tokens. If you decide not to upgrade, your DAI and MKR will still work within the Sky system, but you'll miss out on some new features.
CoinJar is currently considering whether and how it will support upgrading DAI and MKR within its platform.
Upgrading comes with benefits, like earning SKY rewards just by holding USDS. You can access these features through Sky's new app. These changes are part of a bigger plan called the Maker Endgame, which aims to make the system more decentralized and easier to manage.
Some other changes include renaming the "DAI Savings Rate" to the "Sky Savings Rate," which works similarly but with some improvements. Not all these new features will be available everywhere.
Maker's transformation into Sky represents a bold move towards mainstream DeFi adoption. The introduction of USDS and SKY, along with the renaming of subDAOs to Sky Stars, reflects a commitment to simplifying and enhancing the user experience.
The upcoming token upgrade, set to begin on September 18th, offers benefits like SKY rewards for USDS holders and access to new features through the Sky app. These changes are part of the broader Maker Endgame, a strategic plan to decentralise and streamline the system.
MakerDAO is undergoing a rebranding. Its governance token, MKR, is being renamed to SKY, and its stablecoin, DAI, is becoming USDS. This is part of a broader strategic shift for the protocol.
The rebranding is intended to better reflect the protocol's future direction and ambitions. It's also aimed at enhancing clarity and understanding for users and the wider market.
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The MakerDAO team is working to ensure a smooth transition with minimal disruption to users and the protocol's operation.
Your MKR tokens may not be automatically converted to SKY tokens. Please keep an eye on this page for any updates.
The core functionality of the governance token will remain largely the same. Holders will still be able to participate in governance decisions and voting.
It's difficult to predict how the market will react to the rebranding. However, the underlying value and utility of the token should remain consistent.
Your DAI stablecoins might not be automatically converted to USDS stablecoins, please keep an eye on this page for further updates.
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