Sky Maintains Brand Identity as Whale Voters Reject Rebranding Proposal
Sky will not proceed with its planned rebranding to Maker due to a lack of support from whale voters during the governance proposal process for the Decentralized Finance (DeFi) lending and borrowing protocol.
Whale Voters Pledge 63,874 MKR to Avoid Sky Rebrand
The governance voting process held earlier this week revealed that 79% of voters preferred to retain the "Sky" brand as the backend protocol. This option garnered 63,874 MKR tokens, with four whales contributing 98% of the total. In contrast, only 18% supported the rebranding, pledging 14,864 MKR, primarily from one whale.
Following the vote, Sky announced on X that it would continue using the Sky brand as the primary backend protocol, which supports the transition from MKR to SKY and establishes Sky as the core brand.
Four months post-rebranding discussions, MakerDAO is still evaluating whether “Sky” is the appropriate identity. DAI holders were given the option to upgrade to the new stablecoin Sky Dollar (USDS), pegged at a 1:1 ratio, while MKR retains a 1:24,000 ratio to SKY. Existing DAI and MKR tokens remain unchanged, although concerns about the utility of SKY persist among some community members, including founder Rune Christensen, who acknowledged challenges in adapting to new reward systems.
Sky Has Unearthed Potential - Framework Ventures Co-founder
A community call was scheduled to discuss future options, including continuing with Sky as the core brand or reintroducing Maker in its original form. The recent governance vote was necessary for approval of the chosen option to recenter Maker while aligning with USDS and subDAOs known as Stars. Framework Ventures co-founder Vance Spencer emphasized the need for proper launch support for Sky, noting that CoinGecko did not transition MKR's market cap to SKY and highlighting the timing of a significant MKR sale amidst a market pullback.
Spencer believes there is substantial value in following the Endgame roadmap but suggests that adjustments must be made based on lessons learned.