The DeFi protocol, formerly known as Maker, is looking to return to its original name, MakerDAO. Sky, which rebranded in September, has imposed a new token structure with a stablecoin, but the community has been discussing further changes since. The stablecoin’s decentralized autonomous organization is seeking ways to clarify its brand and, by extension, be more helpful, according to the stablecoin’s decentralized autonomous organization.
Rune Christensen, the Sky founder, admitted that the rebranding created confusion among token holders. They were able to make the transition, and DAI holders got to upgrade to the new stablecoin Sky Dollar (USDS), and MKR holders got converted Sky tokens (SKY). Nevertheless, many people in the room are concerned about the utility of the SKY token and prefer to hold on to their MKR tokens.
Users Resist Sky Token, Prefer MKR Stability
Christensen has made it clear that the rebranding came with challenges. He also knew that some users have found the new reward systems and SKY features complicated. Furthermore, pairing “Sky” with “Sky” as the name of the protocol, the token, and the front-end experience has made the user experience more confusing.
This feedback has prompted consideration of whether to shake up the Maker brand, which has solid domain recognition and trust with the community. USDS’s early success has split the community on the brand’s future, with the coin reaching a total supply of 1 billion less than two weeks after its launch. Users have refused to adopt the new SKY token and have instead chosen to retain MKR.
Sky Considers Future Paths Amid Branding Crisis
In response to these concerns, Christensen has presented three possible paths forward for Sky’s brand identity. The protocol could continue building or slow down with Sky as the core brand, reverse to MakerDAO as the identity, or even hybridize with aspects of Maker and Sky. Options for this were discussed in detail during a Friday call so the community could have an opportunity to voice their opinions.
After getting feedback, Christensen will assemble an official plan dubbed Atlas Edit that emerges from the community call. A multiple-choice poll about this plan will go live in early November, and a vote on it will start on October 28. Depending on the outcome, the protocol may change its tokenomics and governance structure in the near future.
Sky Dollar (USDS), despite the uncertainty over rebranding, has found great success in the DeFi ecosystem. Major decentralized finance platforms like Aave, Ethena, and Morpho have integrated staticcoin. This rapid adoption of the use of USDS serves as good proof of USDS’ potency of becoming an essential asset in the DeFi space.
