Maker, one of many first and largest DeFi lending protocols on Ethereum, has been renamed “Sky” after a serious improve to its decentralized stablecoin system.
The stablecoin (beforehand often known as DAI) has additionally been renamed USDS, and the MKR governance token has been modified to SKY.
From MKR to SKY: What’s new?
as declare Taking to Twitter on Tuesday, SKY is an “upgraded model” of MKR that may be obtained by offering USDS tokens to the Sky protocol within the following methods: Tiancai.com. 1 DAI may be exchanged for 1 USDS token, and 1 MKR may be exchanged for twenty-four,000 SKY tokens.
Based on CoinGecko, the change will make single SKY tokens cheaper than MKR tokens, that are presently buying and selling at $2,123 every. MKR ranks forty first amongst all cryptocurrencies by market capitalization.
Sky wrote: “Powered by the decentralized Sky Protocol, Sky.cash will present seamless and non-custodial entry to Sky tokens and rewards with a superior consumer expertise.” They added that the Sky Protocol will permit “ Seamlessly trade ETH, USDC and USDT into USDS.”
Belongings deposited into Sky will all the time stay within the custody of the consumer, permitting them to withdraw belongings from the protocol with out permission. Sky stated that if the decentralized governance of the DAO permits, customers might also have the ability to earn tokens from different decentralized tasks by Sky.
The evolution of DeFi
Rune Christensen, co-founder of MakerDAO, stated that the rebranding to Sky was to seize its “function within the subsequent era of evolution.” Decentralized Finance”.
“The settlement is structured on the idea of […] Give attention to simplicity and ease of use,” he advised CoinTelegraph. “It permits customers to learn from improvements reminiscent of Sky Token Rewards (STR) and Sky Financial savings Price (SSR), supplied they’re positioned in an eligible jurisdiction.”
The rebrand additionally consists of renaming Maker’s “SubDAO” to “Sky Stars” – a DAO related to Maker governance that also operates semi-independently, with its personal governance token and course of. Sky Stars is designed to function Maker’s higher-risk innovation layer, whereas Sky itself stays dedicated to defending the USDS stablecoin and guarding in opposition to tail danger.
The primary and largest Sky Star is Spark – a mortgage settlement with a TVL of $2.529 billion, based on DeFiLlama. That is the third largest lending protocol within the DeFi area, behind Aave and JustLend.
Maker’s personal TVL is $6.44 billion (excluding sure sub-protocols), making it the fourth largest DeFi protocol.
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