MakerDAO Rebrands as Sky Protocol, Introduces New Tokens
MakerDAO has undergone a significant transformation, rebranding itself as Sky Protocol and enhancing its platform.
Along with the rebrand, the DAI stablecoin is now known as USDS, and the MKR token has been renamed SKY. This shift is part of MakerDAO’s broader “Endgame” strategy, designed to restructure the platform.
The new tokens offer users the option to upgrade, with the process starting on September 18. While this upgrade is voluntary, many users are expected to make the switch, as the new tokens come with added benefits, including potential rewards in some regions.
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In addition to these changes, MakerDAO introduced a new decentralized finance platform called Sky.money, replacing its previous website. Despite the new look, the core principles of MakerDAO remain intact, aiming for fully decentralized governance.
However, not all feedback has been positive. Some users expressed concerns about Sky.money’s VPN restrictions, a feature that was absent on MakerDAO’s previous platform. Critics argue this limits access and contradicts the decentralized ethos of the protocol.
Despite some criticism, the rebranding has been generally well-received, with MKR token prices rising following the announcement.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
