Sky Rebrands with New dApp and Tokens, Live Now
Sky, formerly Maker, launched a new dApp and introduced the $SKY and $USDS tokens, allowing users to switch from $MKR and $DAI.
Key points:
- New tokens live: $SKY and $USDS tokens are now live on the mainnet.
- Easy migration: $MKR and $DAI holders can convert to $SKY and $USDS at favorable rates.
- High yields: Users earn 6% APY on $USDS deposits, doubled to 12% during the first month.
- Chronicle launched: Chronicle, Sky’s oracle network, launched Chronicle points as the first partner in Sky Token Rewards (STRs).
- Simplified governance: Sky’s rebrand is part of MakerDAO’s “Endgame” strategy.
Sky’s Rebrand and Token Rollout Marks Major Transition
Sky, previously known as Maker, has rebranded with the release of its governance token, $SKY, and its stablecoin, $USDS.
Users now have the option to convert $MKR to $SKY and $DAI to $USDS, making the transition smooth for existing holders. The new Sky dApp also offers an appealing 6% annual percentage yield (APY) on $USDS deposits, with a boosted 12% rate for the first month to drive adoption.
The protocol didn’t stop there. Chronicle, its long-time oracle network, has launched Chronicle points as the first partner is Sky Token Rewards (STRs)
This allows users to supply their $USDS tokens and earn points through the Sky platform. Chronicle will continue to secure the Sky protocol while offering these new earning opportunities.
The rebrand is part of Sky’s broader “Endgame” overhaul, designed to simplify governance and operations by introducing SubDAOs, each with distinct tokens and voting systems. Sky’s first SubDAO, Spark, has already made a splash in decentralized finance (DeFi), becoming the 12th-largest protocol by total value locked (TVL).
Read more: Maker Rebrands to Sky and Prepares for USDS Stablecoin Launch
Sky’s new direction aims to make decentralized finance easier to navigate, with its updated structure and features setting the stage for future growth. The rebrand isn’t just cosmetic; it represents a major leap forward in making the protocol more user-friendly.
