Maker, the longest-standing DeFi lending protocol, has today rebranded to Sky and unveiled the names of its upgraded stablecoin, USDS, and native governance token, SKY. From 18th September 2024, holders of DAI, the largest decentralized stablecoin with more than 5 billion in circulation, will be able to upgrade to USDS. SKY, the native governance token of the Sky ecosystem, will also be introduced on this date to serve as the upgraded version of MKR.
The permissionless protocol will include decentralized finance features such as token activation rewards and the Sky Savings Rate. Both the DAI and MKR tokens will remain in existence, with users having the option to upgrade their tokens to USDS and SKY voluntarily. Each MKR token can be upgraded to 24,000 SKY tokens during this process. This upgrade enables access to the core features of the Sky ecosystem, providing users with enhanced functionality within the new protocol structure.
With each element of the protocol designed to be easy to understand and explore, Sky’s purpose is to make crypto and DeFi available to a wider audience, scaling the unique benefits that come from a decentralized protocol.
Simultaneously to the introduction of USDS and SKY, an independent new Sky.money website and app will be launched to provide a user-friendly interface to the Sky protocol. While the Sky Protocol remains decentralized and permissionless, Sky.money aims to provide non-custodial access to Sky features. Some features, such as the token activation rewards and the Sky Savings Rate, will not be available in all jurisdictions.
Rune Christensen, co-founder of MakerDAO, said, “The unveiling of Sky marks the next evolution of DeFi. Put simply, Sky is the best place to get rewarded for saving without giving up control. The protocol has been built with a relentless focus on simplicity and ease of use. It allows users to benefit from innovations such as Sky Token Rewards (STRs) and the Sky Savings Rate (SSR), provided they are in an eligible jurisdiction. Like MakerDAO before it, the Sky Protocol is decentralized, community-governed, permissionless, and non-custodial, with users free to withdraw their funds at any time.”
As part of the rebrand, Maker SubDAOs will become Sky Stars, functioning as specialized, independent decentralized projects connected to the Sky ecosystem but with their own autonomy and unique business models. Each Sky Star may decide to have its own governance token, governance processes, treasury, and community and be designed to enable focused, fast-moving innovation and expansion.
The first of these Sky Stars to go live is Spark. In operation for more than a year, the Spark protocol is amongst the top DeFi protocols and focuses on providing an open-source, innovative, decentralized liquidity protocol, as well as other DeFi products, that can meet market demand at scale through the robust infrastructure of Sky. SparkLend will now allow users to supply crypto as collateral in the protocol to borrow USDS. Spark also recently announced the Spark Tokenisation Grand Prix, an initiative to onboard up to $1 billion of real-world assets to the Spark ecosystem.
Summing up this milestone announcement, Christensen concluded, “Today marks the first step towards an ultimate vision where all foundational governance mechanisms of the Sky protocol become immutable. This will set in stone a reliable, decentralized financial infrastructure capable of withstanding the test of time. Built on top of the decentralized Maker protocol’s deep expertise and track record, which has successfully protected billions of dollars over many years, the Sky ecosystem is designed to enable community-driven innovation that will take DeFi to the next level.”
Those interested in further details on the upcoming launch of USDS and SKY and how to get involved in the Sky ecosystem can visit Sky.money to learn more.
About Sky Protocol
Sky Protocol, formerly known as the Maker Protocol, is a decentralized protocol with the Sky stablecoin USDS at its core. The protocol features Sky tokens (USDS, SKY, DAI, MKR), the Sky Savings Rate (SSR), Sky Token Rewards (STRs), Activation, and Sealed Activation Rewards, and more. It is managed by Sky’s decentralized community governance.
For more information about Sky Protocol, visit Discord, or X (@skyecosystem).
About Spark
Spark is a community-driven DAO led by SparkDAO members and a Sky Star within the Sky ecosystem. Serving as the decentralized hub for supplying, borrowing, and saving crypto. Spark is unique in that it offers wholesale access to competitive rates at scale, regardless of wallet size.
Spark is best known for building SparkLend, a decentralized non-custodial liquidity market protocol with $3 billion USD in TVL.
For more information about Spark, visit spark.fi, Discord, or X.