Sky (Formerly MakerDAO) Considers Rebranding Again After Community Feedback

DeFi project Sky (formerly known as MakerDAO) is evaluating the possibility of additional brand adjustments following community feedback on its recent rebrand.

DeFi protocol Sky (formerly MakerDAO) is considering further brand adjustments after facing community backlash over its recent rebrand.

In a proposal released on Oct. 21 and shared with CryptoSlate, Sky co-founder Rune Christensen highlighted the protocol’s achievements and challenges since transitioning from MakerDAO to Sky.

Christensen noted that the newly launched stablecoin USDS has already crossed a 1 billion supply within two weeks of introduction. This rapid growth, largely driven by new users, has seen both USDS and DAI gain over $700 million in new liquidity since USDS went live.

In addition to USDS’s performance, Christensen mentioned that the token has been integrated with leading DeFi platforms like Aave, Ethena, and Morpho. The Sky.money website also saw over 400,000 visitors in its first month of operation.

However, the platform has faced significant negative feedback since its rebrand.

Potential return to MakerDAO?

According to Christensen, the community’s concerns primarily center around confusion over the new Sky brand and the utility of its token. Many users still identify strongly with the MakerDAO brand, and some prefer to hold MKR tokens rather than switch to SKY.

Christensen addressed this issue and suggested that the community might need to reconsider the branding strategy while presenting three possible options.

The first option is to keep the Sky brand, which has gained some visibility since the rebrand. The second option would involve reverting to the original Maker brand, with MKR as the sole governance token.

The third option proposes a hybrid solution, where the Maker name is retained but refreshed to align with recent product launches, such as the USDS stablecoin and the emerging StarDAO ecosystem.

Christensen emphasized that any changes should not negatively impact users or token holders, stating:

“It is critical that no users, or token holders, are unfairly treated or have their user experience unexpectedly change – e.g. users that have received SKY Token Rewards, should of course end up with core protocol tokens, as they expected. Sky.money shouldn’t suddenly change or lose functionality.”

A community call to discuss and choose one of these options is set for Friday, Oct. 25. Following this meeting, a finalized proposal dubbed the “Atlas Edit” will be published on Oct. 28 for further community input. If approved, a formal vote will begin on Nov. 4 to determine the final course of action.

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