Sky could rebrand as Maker

Sky, formerly known as Maker, may face a new rebranding decision just two months after its last transformation.

Maker co-founder Rune Christensen has pitched to the community a potential return to the “Maker” name in response to the recent rebranding move and feedback surrounding the recent launch of the USDS stablecoin.

The stablecoin, formerly known as DAI, reached a total supply of 1 billion just two weeks after its launch. USDS is already integrated into leading decentralized finance platforms such as Aave, Morpho, and Ethena, and there are plans to expand it to layer 2 networks and Solana.

The latest offer comes just eight weeks after Sky was introduced. In the proposal, Christensen outlined three potential paths forward for the protocol.

The first option would be to stick to the “Sky” brand, which has become known and gained momentum since its launch. The latter will return the “Maker” brand to its original form, with MKR as the sole governance token.

The third option, meanwhile, proposes a compromise that involves keeping the Maker name but revamping its identity to be compatible with recent product launches like USDS and the StarDAO ecosystem.

Christensen’s proposal responds to the confusion created by the previous rebranding. Many users found it unclear how the Sky token, a renaming of the MKR token, would fit into the larger ecosystem.

Sky’s introduction also coincided with new features, causing some community members to have trouble keeping up. The use of the name “Sky” for the token, protocol, and frontend made things even more complicated.

In contrast, the Maker brand has deep roots in the DeFi space, and users associate this with stability and trust. Despite the option to switch to Sky, many users continue to hold on to MKR.

The potential rebranding is part of a broader governance process in which community members will vote on the proposal starting November 4. Before the vote, a community call will be held on October 25 to gather more input.

The community reacts

Following the offer, web3 developer Anon Builder expressed doubts about giving up equity in the MakerDAO brand.

While he appreciates the Maker and DAI names, he’s not sure whether returning to the original brand is the best move.

Rune raised questions about whether the rebranding was a good decision and whether it was worth losing the MakerDAO brand value. I have mixed feelings, I love the Maker and DAI brands but I don’t think returning is the right choice. https://t.co/zcz5s7rx4f

— AnonBuilder 🦇🔊 (@anonbuilderok) 21 October 2024

On the other hand, community figure Mason criticized the decision to change DAI’s name to USDS. He argued that DAI is one of the most recognized brands in the crypto world and that the move to another “USDx” stablecoin makes it difficult to stand out in a crowded market.

makerdao/sky is the twitter/x of crypto

They had a great brand that lost its spark in the quest for universality

makerdao -> sky isn’t even a problem imo. Dai, which has become one of the most recognizable tokens in the crypto world, is heading to USD and joining the sea… https://t.co/5zcG63KPJu

— Mason has no money (@mas1money) 21 October 2024