Maker, one of the first and largest DeFi lending protocols on Ethereum, has rebranded to \u201cSky\u201d following key upgrades to its decentralized stablecoin system.<\/p>\n
That stablecoin, previously known as DAI, has also rebranded to USDS, and the MKR governance token has been changed to SKY.<\/p>\n
As announced<\/a> over Twitter on Tuesday, SKY is an \u201cupgraded version\u201d of MKR obtainable by supplying USDS token to the Sky protocol through Sky.money<\/a>. 1 DAI can be converted into 1 USDS token, and 1 MKR can be converted to 24,000 SKY tokens.<\/p>\n The conversion will make individual SKY tokens far more affordable than MKR tokens were, which are currently trading for $2,123 apiece, according to CoinGecko. MKR is ranked 41 among all cryptocurrencies by market capitalization.<\/p>\n \u201cPowered by the decentralized Sky Protocol, Sky.money will offer seamless and non-custodial access to Sky\u2019s tokens and rewards through an exceptional user experience,\u201d wrote Sky. The Sky protocol will allow for \u201cseamless swapping of ETH, USDC, and USDT into USDS,\u201d they added.<\/p>\n Assets deposited with Sky will always remain in user custody, allowing them to withdraw their assets from the protocol without permission. Should the DAO\u2019s decentralized governance allows for it, Sky said users may be able to also earn tokens from other decentralized projects through Sky.<\/p>\n According to MakerDAO co-founder Rune Christensen, the rebrand to Sky is an effort to capture its role in the \u201cnext evolution of DeFi<\/a>.\u201d<\/p>\n \u201cThe protocol has been built with a [\u2026] focus on simplicity and ease of use,\u201d he told CoinTelegraph. \u201cIt allows users to benefit from innovations such as Sky Token Rewards (STRs) and the Sky Savings Rate (SSR), provided they are in an eligible jurisdiction.\u201d<\/p>\n The rebrand also includes renaming Maker\u2019s \u201cSubDAOs\u201d to \u201cSky Stars\u201d \u2013 DAOs connected to Maker governance that still operate semi-independently, with their own governance tokens and processes. Sky Stars are meant to act as Maker\u2019s riskier innovation layer, while Sky itself remains dedicated to securing the USDS stablecoin and protecting against tail risks.<\/p>\n The first and largest Sky Star is Spark \u2013 a lending protocol with $2.529 billion in TVL, according to DeFiLlama. This is the third largest lending protocol in all of DeFi, next to Aave and JustLend.<\/p>\n Maker itself has a TVL of $6.44 billion excluding certain sub-protocols, making it the 4th largest DeFi protocol.<\/p>\n The post Maker DeFi Protocol Has Now Rebranded To \u201cSky\u201d<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Maker, one of the first and largest DeFi lending protocols on Ethereum, has rebranded to \u201cSky\u201d following key upgrades to its decentralized stablecoin system. That stablecoin, previously known as DAI, has also rebranded to USDS, and the MKR governance token has been changed to SKY. From MKR to SKY: What\u2019s New? As announced over Twitter […]<\/p>\n","protected":false},"author":0,"featured_media":1434,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1433"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1433"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1433\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1434"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1433"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1433"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1433"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The Evolution of DeFi<\/h2>\n