MakerDAO Rebrands to Sky Protocol
MakerDAO has undergone a rebranding to become Sky Protocol, a significant move in the decentralized finance space. The platform has renamed its tokens, with Maker’s governance token MKR now being known as SKY, and the stablecoin Dai rebranded to Sky Dollar with the ticker USDS.
Token Swap Options for Users
Users of Maker and Dai will have the option to swap their tokens for the upgraded versions, SKY and USDS, respectively. The swap ratio for MKR to SKY is set at 1:24,000, while the Sky Dollar will have a 1:1 swap rate with Dai. Holders of Ethereum, USDC, and Tether will also be able to exchange their tokens for the new stablecoin USDS.
Market Impact and Pricing
Following the announcement of the rebranding and token swap options, Maker’s price saw a slight increase, surpassing $2,165. The trading volume also experienced a significant uptick, rising by 139% to over $151 million at the time of writing.
