MakerDAO Rebrands As ‘Sky’: Two New Tokens To Be Launched On Sept 18
MakerDAO is rebranding as ‘Sky’ to enhance the adoption of its decentralized finance (DeFi) lending platform. Founded in 2014, MakerDAO was a pioneer in DeFi, enabling direct trading, lending, and borrowing of digital assets. Despite early success, the platform's total value locked (TVL) peaked at $20 billion in 2021 but has since declined due to market downturns. The market cap of its DAI stablecoin also fell from around $10 billion earlier this year. The rebranding aims to attract a broader user base, with new reward-bearing tokens, USDS and SKY, launching on September 18. Existing MKR and DAI holders can upgrade to these new tokens, while the Sky.money app will facilitate access to rewards. This initiative aligns with MakerDAO’s Endgame Plan to enhance resilience and growth. MKR is currently trading at $2,123, reflecting a 10% increase over the past week, outperforming major cryptocurrencies like Bitcoin and Ethereum.
