MakerDAO rebrands to Sky, introduces SKY and USDS tokens

MakerDAO has rebranded as Sky Protocol, renaming the tokens of one of crypto’s largest decentralized finance platforms.

The cryptocurrency lender announced the rebranding of Maker (MKR) on August 27, noting that the launch of Sky introduces new tokens.

Maker’s governance token MKR is now SKY, while its stablecoin Dai (DAI) is renamed Sky Dollar and is offered for sale with the code USDS.

The sky is here.

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Discover upgraded tokens, new features, and increased Sky Token Rewards for early registrations. Follow this thread for the latest news and updates about SkyLaunch. pic.twitter.com/Qc25KRPzR8

— Sky (@SkyEcosystem) August 27, 2024

Users will have the option to exchange DAI, MKR for USDS, SKY

According to the Sky Protocol team, DAI and MKR holders will be able to exchange these tokens for USDS and SKY. MKR will be exchanged with the upgraded version SKY at a rate of 1:24,000, meaning 1 MKR will convert to 24,000 SKY.

Meanwhile, Sky Dollars, which provide access to native rewards in the Sky ecosystem, will be exchanged 1:1 with DAI. The new tokens will be released on September 18, and MKR and DAI holders will have the option to exchange them for the upgraded tokens.

Sky will also enable the conversion of Ethereum (ETH), USDC (USDC), and Tether (USDT) into the new stablecoin USDS.

Maker’s price rose slightly following the announcement, reaching over $2,165, while its 24-hour trading volume increased by 139% to over $151 million at the time of writing.