Sky considers reverting to MakerDAO after community pushback

Sky Considers Reverting to MakerDAO After Community Pushback

DeFi project Sky, formerly known as MakerDAO, is evaluating the possibility of additional brand adjustments following community feedback on its recent rebrand. Sky's co-founder, Rune Christensen, released a proposal that reviewed the protocol's accomplishments and the challenges it has faced since transitioning from MakerDAO to Sky.

Accomplishments and Challenges

Christensen noted that the protocol's newly launched stablecoin, USDS, has already surpassed a supply of 1 billion just two weeks after its introduction. This rapid growth, largely driven by new users, has resulted in an influx of $700 million into both USDS and DAI since USDS went live. In addition to USDS's performance, Christensen mentioned that the token has been integrated with leading DeFi platforms such as Aave, Ethena, and Morpho. The Sky.money website also attracted more than 400,000 visitors in its first month of operation.

Community Pushback

Despite these achievements, the platform has faced significant negative feedback since its rebrand. The community's concerns mainly revolve around confusion over the new Sky brand and the utility of its token. Many users remain loyal to the MakerDAO brand, and some prefer to hold MKR tokens rather than switch to SKY.

Potential Return to MakerDAO?

Christensen acknowledged this problem and suggested that the community might need to revisit the branding strategy. He proposed three possible courses of action:

1. Retain the Sky brand: The first option is to retain the Sky brand, which has gained some visibility since the rebrand.
2. Revert to MakerDAO: The second option would involve reverting to the original Maker brand, with MKR as the sole governance token.
3. Hybrid solution: 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.

Community Call and Proposal

Christensen emphasized that any changes should not negatively impact users or token holders. A community call to discuss and choose one of these options is scheduled 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.

FAQ: Sky's Potential Return to MakerDAO

1. What is Sky, and how is it related to MakerDAO? 

Sky is the rebranded version of MakerDAO, a decentralized finance (DeFi) protocol. The platform recently underwent a brand transformation, which has since been met with mixed community reactions.

2. What is the USDS stablecoin? 

USDS is Sky's newly launched stablecoin that has quickly gained traction, reaching a supply of 1 billion within two weeks of its introduction and attracting $700 million in liquidity.

3. Why is Sky considering reverting to the MakerDAO brand? 

The community has expressed significant pushback against the rebrand, citing confusion about the new brand and a preference for the original MakerDAO identity.

4. What are the proposed options for the brand's future? 

Three options are being considered:

• Retain the Sky brand
• Completely revert to the MakerDAO brand
• Implement a hybrid solution that refreshes the Maker name

5. When will a decision be made about the brand?

• Community call: Friday, Oct. 25
• Atlas Edit proposal publication: Oct. 28
• Formal voting begins: Nov. 4

6. How has USDS performed since its launch? 

USDS has:

• Reached 1 billion in supply within two weeks
• Been integrated with platforms like Aave, Ethena, and Morpho
• Attracted $700 million in liquidity

7. What platforms have integrated USDS? 

Key platforms include:

• Aave
• Ethena
• Morpho

8. How many visitors has the Sky.money website received? 

The website attracted over 400,000 visitors in its first month of operation.

9. Who is leading this potential rebranding discussion? 

Rune Christensen, the co-founder of the protocol, is spearheading the discussion and proposal.

10. Will existing token holders be affected by potential changes? 

Christensen has emphasized that any changes should not negatively impact users or token holders.

11. What is the main concern with the current Sky brand? 

Community members are experiencing confusion about the new brand and its utility, with many preferring the original MakerDAO identity.

12. How can community members participate in the decision-making process? 

Community members can:

• Attend the community call on Oct. 25
• Review the Atlas Edit proposal on Oct. 28
• Participate in the formal vote beginning Nov. 4

13. What is the StarDAO ecosystem mentioned in the proposal? 

The StarDAO ecosystem is an emerging component of the protocol, though specific details were not fully elaborated in the current proposal.

14. What happens if the community votes against returning to MakerDAO? 

If the community does not support reverting to MakerDAO, the Sky brand will likely continue with potential refinements based on community feedback.

15. How does this potential rebranding affect the protocol's DeFi operations? 

The core DeFi functionalities and smart contract mechanisms remain unchanged. The discussion primarily focuses on the brand identity and community perception.