MakerDAO has officially undergone its long anticipated rebranding. Going forward, MakerDAO will be referred to as Sky Protocol. Given the mixed sentiment around the rebranding, let’s unpack the changes accompanying Sky.
At a high level, there are five major changes coming to the protocol:
- $USDS: DAI is now upgradeable 1:1 for $USDS. $USDS is identical to DAI with a couple nuanced differences. First, in an attempt to be more regulatory-compliant, $USDS will have a freeze function. Given this feel directly antithetical to Maker’s founding principles, this has been a major point of contention on X. Users however will still have the option to continue using DAI which will remain immutable by nature. Secondly, by putting “USD” in the name, this seems to reflect one of the many initiatives to make $USDS and the Sky Protocol more optically palatable, specifically to non crypto-native users.
- $SKY: $MKR is now upgradable for the new governance token — $SKY. Accompanying the new token is a 24,000:1 redenomination. This makes the current $SKY price 0.0875 at time of writing. The “left-curve” take here is that a
