According to CoinDesk, MakerDAO's community is set to debate the potential abandonment of the Sky brand following a lukewarm reception to the re-brand and the successful launch of the USDS stablecoin. A formal governance poll is scheduled for November 4 to decide the future course of action.
The USDS stablecoin, introduced in August, aims to provide native token rewards and operate alongside the existing DAI synthetic stablecoin, which remains unchanged. On-chain data indicates that USDS has a supply of $1.2 billion and offers a savings rate of 6.5%. The community generally agrees that the launch was successful.
Sky co-founder Rune Christensen highlighted the community's strong affinity for the Maker brand, emphasizing its values of stability, security, and DeFi scale. He noted that there is significant commitment to holding the MKR token rather than upgrading to SKY. Christensen mentioned that three proposals are under consideration to address community concerns: continuing with Sky as the core brand, recentering the Maker brand with its original identity and reinstating MKR as the sole governance token, or refreshing the Maker brand to align with the current ecosystem while maintaining its established trust and stability.
Several contributors have expressed that the introduction of the SKY token, which replaced MKR as the core governance token under the Sky ecosystem, has not achieved the expected growth. In the past two weeks, SKY has declined by 23%, while the CoinDesk 20 index, which measures the performance of the largest digital assets, has risen by 10%. MKR, the governance token, has decreased by 24% over the year, according to CoinDesk data.
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