Maker, one of the first and largest DeFi lending protocols on Ethereum, has rebranded to “Sky” 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’s New?
As announced over Twitter on Tuesday, SKY is an “upgraded version” of MKR obtainable by supplying USDS token to the Sky protocol through Sky.money. 1 DAI can be converted into 1 USDS token, and 1 MKR can be converted to 24,000 SKY tokens.
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.
“Powered by the decentralized Sky Protocol, Sky.money will offer seamless and non-custodial access to Sky’s tokens and rewards through an exceptional user experience,” wrote Sky. The Sky protocol will all
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