As the DeFi sector undergoes extensive rebranding efforts, MakerDAO is set to hold a community vote to determine the viability of its new identity, Sky. This decision, pivotal in shaping the organization’s brand, will be made public in the coming week.
What Drives the Rebranding Initiative?
Rune Christensen, a co-founder of MakerDAO, emphasized that the new name, Sky, is intended to represent a distinct role compared to the existing Maker brand. This initiative aims to revitalize the Maker label and enhance its visibility in the DeFi landscape.
What Options Does the Community Have?
The community faces three proposals: maintaining Sky as the primary brand, re-establishing Maker with the MKR token as the sole governance asset, or adopting a refreshed Maker brand tied to USDS and StarDAOs. Each choice carries significant implications for the DAO’s direction.
The rebranding aligns with MakerDAO’s ambitious five-phase strategy known as “Endgame.” Furthermore, USDS is introduced as an upgraded version of the DAI stablecoin, with Sky (SKY) replacing MKR as the governance token. Key points include:
- Sky token currently lacks perceived utility beyond fragmenting MKR.
- There exists uncertainty surrounding the emissions of new tokens.
- The total value locked in USDS stands at $1.12 billion, while DAI is at $5.12 billion.
The community plans to gather feedback during a call on October 25, where they will evaluate the responses and finalize their branding approach. Christensen remarked that subsequent considerations regarding the economic structure of the tokens will follow after the brand decision.
The outcome of this branding vote holds the potential to significantly impact MakerDAO’s long-term strategy and sustainability within the competitive DeFi ecosystem.