MakerDAO rebrands to Sky, introduces SKY and USDS tokens

MakerDAO has rebranded to Sky Protocol, renaming tokens on one of cryptocurrency’s largest decentralized finance platforms.

The crypto lender revealed the rebranding of Maker (MKR) in an announcement on Aug. 27, noting that the launch of Sky introduces new tokens.

Maker’s governance token MKR is now SKY, while the stablecoin Dai (DAI) has been renamed Sky Dollar, with the ticker USDS.

Users will have option to swap DAI, MKR for USDS, SKY

According to the Sky Protocol team, holders of DAI and MKR will be able to swap these tokens for USDS and SKY. MKR will be swapped for the upgraded version SKY at the ratio of 1:24,000, meaning 1 MKR will convert to 24,000 SKY.

Meanwhile, the Sky Dollar, which offers access to native rewards in the Sky ecosystem, will swap 1:1 for DAI. The new tokens are set to launch on Sept. 18, with MKR and DAI holders having the option to swap them for the upgraded tokens.

Sky will also allow for swapping of Ethereum (ETH), USDC (USDC) and Tether (USDT) into the new stablecoin USDS.

Maker’s price rose slightly following the announcement, breaking above $2,165. The 24-hour trading volume also increased, up 139% at the time of writing to over $151 million.