As a seasoned crypto investor with roots deeply entrenched in the DeFi space, I find myself torn between the potential rebranding of Sky (formerly Maker) back to its original name. My journey in this dynamic world of blockchain began during the early days of MakerDAO, and I’ve seen it evolve from a promising project into a stalwart of stability in the crypto realm.
Previously recognized as Maker, the sky could potentially undergo another name change, marking a swift rebranding move just two months following its previous transformation.
Rune Christensen, one of the founders of Maker, has suggested reverting back to the original “Maker” name following community feedback about the recent rebranding and the debut of their USDS stablecoin.
In the past fortnight following its debut, the stablecoin, initially known as DAI, surpassed a total supply of one billion units. Meanwhile, USDS has been incorporated into prominent decentralized finance systems such as Aave, Morpho, and Ethena, with ambitions to broaden its reach to layer-2 networks and Solana in the future.
The latest proposal comes just eight weeks after Sky was introduced. In the proposal, Christensen outlined three potential paths forward for the protocol.
Option One: I could choose to stay loyal to the “Sky” brand, which has earned a reputation and gathered some traction ever since it debuted.
In other words, the third proposal proposes a balanced solution. It recommends keeping the original brand name, yet updating its image to match the new line of products like USDS and the StarDAO universe.
Christensen’s idea aims to address the ambiguity that arose from the earlier rebranding, as some users were unsure about where the newly labeled Sky token, essentially a renamed version of the MKR token, fits within the broader system.
The introduction of Sky also coincided with new features, leaving some community members struggling to keep track. The use of the “Sky” name for the token, protocol, and front-end further complicated things.
On the other hand, the Maker brand is well-established within the Decentralized Finance (DeFi) sector, being known for its reliability and credibility. Numerous users still choose to keep MKR tokens, even though there’s an opportunity to switch to Sky.
Rebranding could be one aspect of a broader administrative overhaul, and community members are scheduled to begin voting on this plan from November 4th. Prior to casting their votes, there will be a community meeting on October 25th to collect additional feedback.
Community reacts
After hearing the proposal, Anon Builder, a web3 developer, voiced concerns about giving up the value associated with the MakerDAO brand’s ownership.
Although he likes the sound of the Maker and DAI labels, he’s hesitant about whether going back to the original branding is the wisest choice.
Rune expressed doubts over the wisdom of the rebranding move and questioned its value against the strong identity and recognition of the MakerDAO and DAI brands. However, he feels that reverting to the old brand isn’t the ideal solution.
— AnonBuilder 🦇🔊 (@anonbuilderok) October 21, 2024
Instead, Mason, a well-known community figure, expressed dissatisfaction with the choice to rename DAI as USDS. He contended that DAI is one of the most identifiable crypto brands and the shift towards another “USDx” stablecoin makes it more challenging to distinguish itself in a competitive market.
In simpler terms, MakerDAO/Sky is similar to Twitter in the realm of cryptocurrency.
— mason no money (@mas1money) October 21, 2024
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2024-10-22 12:20