MakerDAO Considers Rebranding Back to Maker After Community Outcry: A Brief Overview

On October 21, Christensen shared his thoughts on the platform’s governance forum, stating that while the launch of the USDS decentralized stablecoin

MakerDAO is considering a return to its original branding following community feedback.

The decentralized autonomous organization behind the leading stablecoin DAI rebranded to Sky earlier this year as part of its “Endgame” upgrade. The changes saw the introduction of a new stablecoin, USDS, and a new governance token, SKY, which replaced the original MKR token.

Existing DAI holders were given the option to upgrade to USDS, while MKR token holders could switch to SKY at a 1:24,000 ratio. The changes were aimed at positioning the platform for future growth, but the new structure has created some confusion.

Many community members have struggled to understand the roles of the different tokens, and several have expressed a preference for continuing to hold MKR rather than upgrading to SKY. This has led to calls for a reconsideration of the branding strategy.

In a recent post on the Maker governance forum, Christensen outlined three potential paths for the platform.

The first option would see Maker continue with Sky as the core brand, maintaining the current structure and continuing to develop the platform as Sky.

The second option would involve returning to the Maker brand with its original identity and reinstating MKR as the sole governance token, essentially rolling back the changes that were made during the rebrand.

The third option would see Maker being recentred around USDS, making small changes to the brand to update it while retaining its core identity.

The proposal to return to Maker gained support among community members, many of whom felt the rebrand to Sky diluted the platform's original vision.

Christensen acknowledged this, saying: “Using Sky as the name of the protocol, the token, and the front end definitely added some confusion.” He noted that many users are committed to the MKR token and have been hesitant to adopt SKY.

Despite the issues surrounding the rebrand, the USDS stablecoin has seen significant success. Two weeks after its launch, USDS surpassed a total supply of 1 billion and has already been integrated into major decentralized finance protocols like Aave, Ethena, and Morpho.

However, concerns remain about the platform’s tokenomics and future governance structure. According to Christensen, after the community call and governance poll, the team will explore whether changes need to be made to the tokenomics and consider the future of both the Sky brand and the SKY token.

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