Sky Completes Rebrand By Launching New dApp and Tokens

Sky, the collateralized debt protocol formerly known as MakerDAO, deployed a new decentralized application and two new tokens after months of anticipation.

On Sept. 18, Sky’s new governance token and stablecoin, SKY and USDS, launched on mainnet alongside its revamped Sky dApp. The launch allows users to migrate from MKR and DAI to the new tokens, with each MKR exchangeable for 24,000 SKY while DAI can be converted to USDS at a one-to-one ratio.

Both MKR and DAI will remain operational despite the new tokens launching. DAI currently ranks as the third-largest stablecoin with a $5.18 billion market cap, while MKR is the 60th-largest cryptocurrency with a $1.31 billion capitalization.

Users can access the Sky Savings Rate (SSR) via the new Sky dApp to earn an annual percentage yield of 6% on USDS deposits — with yields doubled to 12% during Sky’s first month of operations to incentivize adoption. The Sky dApp will also host a farm allowing users to generate yield on SKY in the future.

Sky also announced that Chronicle, the decentralized oracle network that exclusively secured MakerDAO since 2017, launched Chronicle points to become the first partner in Sky Token Rewards (STRs) on Sept. 18. USDS holders can now supply their USDS to Chronicle to earn points.

"Chronicle is proud of our history with Sky as the exclusive Oracle securing Maker Protocol since 2017," Niklas Kunkel, Chronicle's founder, told The Defiant. "We will continue to exclusively support the important work Sky is doing by providing secure, transparent, resilient, and low-cost Oracles for the protocol and by remaining an active member of the community."

Sky is hosting a launch party to celebrate the new products at the Token2049 conference in Singapore.

Rebrand

MakerDAO rebranded to Sky on Aug. 27 as part of its sweeping Endgame overhaul. Endgame was first proposed two years ago, with the roadmap aiming to simplify the protocol by reorganizing Sky into a series of subDAOs called Stars. Each Star features its own distinct tokens and governance mechanisms.

“Sky represents the complete transformation of Maker, comprising all the knowledge the organization has reaped over the years,” Rune Christensen, the founder of MakerDAO, told The Defiant. “It addresses the issue with Maker: that it wasn’t so approachable.”

Sky’s first SubDAO, the Spark lending protocol, currently ranks as the 12th-largest DeFi protocol with a total value locked (TL) of $2.27 billion since launching in May 2023. MakerDAO ranks sixth by TVL with $5.09 billion.