Sky rethinks its rebrand after mixed feedback from the community, exploring options for Maker’s role and future tokenomics changes.
Sky, the stablecoin-focused DeFi protocol formerly known as Maker, is rethinking its recent rebrand. After transitioning from MakerDAO to Sky in September, the protocol received mixed feedback from its community. The rebrand introduced the Sky Dollar (USDS) stablecoin and the SKY governance token. DAI holders were allowed to exchange their tokens for USDS at a 1:1 ratio. On the other hand, MKR tokens were swapped for SKY at a 1:24,000 ratio. Despite the changes, DAI and MKR tokens remained active.
Rune Christensen, the founder of Sky, admitted that some of the community members have expressed concerns over the new SKY token. To him, there has been a lot of confusion over the efficiency of the product. In addition, the author cited Christensen, who pointed out that the new reward systems and features associated with SKY may have been rather challenging for users to understand. He agreed that this could have been why most people got confused when using the term “Sky” for both the protocol and the token was adopted.
Sky Rebrand Sparks Confusion Over Maker Identity
It appears that the brevity and specificity of the issues are directly connected to this issue—the over-identification with the Maker brand. Evidently, many users wanted to keep their MKR tokens instead of switching to the newly introduced SKY token. Christensen said that although the new direction is intended to provide more clarity, the community has been confused about it. According to him, some people are very much okay with the Maker identity and might find it hard to adapt to Sky.
On the other hand, the new sky dollar USDS has been enjoying a lot of success. It only took two weeks after the token launch for the USDS to hit over 1 billion tokens in supply. It has been adopted by several large DeFi protocols like Aave, Ethena, as well as Morpho. This success indicates that the rebrand may be uncertain, but the new stablecoin is popular in the DeFi ecosystem.
Christensen, therefore, outlined three possible ways forward based on the feedback received. First, Sky could remain the channel’s leading brand and name. Second, Maker could be brought back as the main character. Third, Maker could be re-centred with small changes to better align with USDS and the new subDAOs, called Stars.
Christensen plans to use the gathered responses to provide an “Atlas Edit” according to the community’s preferences. If the proposal is approved, a multiple-choice poll will be conducted at the beginning of November to finalize the decision. Additionally, Christensen suggested that future changes might include revisions to the protocol’s tokenomics.
Image by Arek Socha from Pixabay
