The MakerDAO community has made a decision to move forward with the Sky rebrand despite concerns about centralization. In a recent vote, it was revealed that 79.3% of participants supported keeping the Sky brand as the core protocol name. This decision solidifies Sky as the primary brand for both the frontend app and backend protocol, transitioning from MKR to SKY.
Sky co-founder, Rune Christensen, expressed excitement about the new brand direction, highlighting Sky as the backend protocol powering USDS, a stablecoin with native token rewards and a savings rate. However, concerns were raised about the centralization of voting power, with only around 20 participants casting votes and four large entities controlling 80% of the vote share. This concentration of power raises questions about fair governance and decentralized decision-making within DAOs.
Moving forward, Christensen outlined key goals for the Sky ecosystem, including expanding the adoption of USDS by launching solutions on Solana and Ethereum Layer 2. Plans are also in place to migrate MKR to SKY on centralized exchanges and update listings on platforms like CoinGecko. Additionally, the launch of Spark, a project offering SPK token rewards for USDS holders, is on the horizon.
Furthermore, efforts are being made to make SKY a deflationary token and define tokenomics for Spark, aligning with Sky’s vision of long-term sustainability and community engagement. These developments mark an exciting phase for the Sky ecosystem as it continues to evolve and grow in the decentralized finance space.