Sky Endgame: Community considers rebranding to Maker

Author: Martin Young, Cointelegraph; Compiler: Tao Zhu, Golden Finance

Decentralized financial lending platform Sky is considering returning to its original Maker brand following significant confusion and negative feedback over its rebranding since August.

On October 21, Sky co-founder Rune Christensen raised the topic of “re-branding Maker” in the platform’s governance forum.

He highlighted the recent launch of the USDS decentralized stablecoin and the success of the Sky protocol since its rebrand from Maker in late August.

However,

there is some confusion in the community about the role of the Sky token and the Maker brand, with feedback suggesting that people have an affinity for the Maker brand over Sky.

“It’s clearer now than ever how much the DeFi community loves and trusts the Maker brand,” he added:

“There’s a lot of affinity for the brand and what it stands for — stability, security, and DeFi scale. There’s a lot of promise in holding MKR tokens compared to upgrading to SKY.”

To address these issues, he suggested three possible directions:Continue with Sky as the core brand, leveraging its recent momentum to reposition the Maker brand with its original identity while restoring MKR as the sole governance token and modernizing it; align with USDS.

Sky rebranding proposal. Source: Sky Governance Forum

Next steps include gathering feedback at a community call on October 25 and holding a governance poll on November 4 to decide on the future direction of the Maker brand and token economics.

While Maker rebranded to Sky in August, much of the commotion at the time was about the platform’s new stablecoin, USDS. The cryptocurrency community decried the “freeze feature” of USDS, which raised concerns about its decentralization.

Despite the rebranding of MKR 1 to 24,000 SKY tokens, the DeFi platform’s former governance token has fallen 45% since its rebranding in late August.

MKR fell a further 3.5% on the day to $1,178, its lowest level since September.

MKR/USD 1 year. Source: Tradingview