As a seasoned crypto investor with a knack for spotting potential in decentralized finance platforms, I find the Sky Protocol rebranding intriguing. MakerDAO has been a staple in my portfolio for quite some time, and the transformation to Sky seems like a strategic move to stay competitive in the rapidly evolving crypto landscape.
MakerDAO is now known as Sky Protocol, with a name change for the tokens on one of the largest decentralized finance platforms in the crypto world.
On August 27th, the cryptocurrency lender announced a rebranding for Maker (MKR), explaining that the introduction of Sky will bring forth new tokens.
In a recent update, the governance token previously known as MKR has been rebranded to SKY, and the stablecoin that was once called DAI will now be referred to as Sky Dollar, using the ticker symbol USDS.
1. “Find yourself in the ideal spot to earn rewards while maintaining control.”
— Sky (@SkyEcosystem) August 27, 2024
Users will have option to swap DAI, MKR for USDS, SKY
As per the Sky Protocol team’s announcement, token holders of DAI and MKR can exchange these assets for USDS and SKY respectively. Notably, each MKR token will be replaced with 24,000 units of the upgraded SKY version, as a single MKR will convert into 24,000 SKY tokens.
In the near future, starting from September 18th, the tokens from Sky Dollar – that provide entry to native rewards within the Sky network – will be exchanged at a rate of 1:1 for DAI. Both MKR and DAI holders will have the choice to trade their current tokens for the upgraded ones.
The sky will facilitate an exchange process, enabling the transition of Ethereum (ETH), USD Coin (USDC), and Tether (USDT) to the newly introduced stablecoin known as USDS.
After the announcement, the value of the maker slightly climbed and surpassed $2,165. Additionally, the 24-hour trade volume significantly grew by approximately 139%, reaching more than $151 million at the time of this writing.
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2024-08-27 18:38