MakerDAO, one of the leading decentralized finance (DeFi) protocols, has officially rebranded to Sky. As part of its “Endgame” strategy, MakerDAO introduced two new tokens: USDS as a replacement for the DAI stablecoin, and SKY as a replacement for the MKR governance token. This move aims to simplify user experience and expand DeFi adoption to a broader audience.
Article Summary
🌌 Sky: MakerDAO’s Rebranding: Sky is the new identity of MakerDAO, introducing a modular and user-friendly approach to DeFi with the launch of two new tokens: USDS (stablecoin) and SKY (governance token).
🛠️ Key Features of Sky: Sky offers the Sky Savings Rate (SSR) for variable interest on USDS, Sky Token Rewards (STRs) to incentivize user participation, and Sky Stars — innovative SubDAOs enabling experimentation across DeFi sectors.
🔄 Conversion & Participation: Users can convert DAI to USDS and MKR to SKY, stake USDS to earn interest, join the ecosystem to receive STRs, and engage in SubDAO projects via Sky Stars for additional earning opportunities.
How Sky and Its New Tokens Work
Sky maintains the decentralized principles of MakerDAO but with a more modular structure. Users can optionally convert DAI to USDS at a 1:1 ratio, and MKR to SKY at a 1:24,000 ratio. These new tokens can be used via the official Sky app at sky.money, which offers features like the Sky Savings Rate (SSR) and Sky Token Rewards (STRs).
USDS continues to be backed by the same collateral mechanism as DAI, ensuring its price stability. Meanwhile, SKY enables participation in protocol governance and rewards holders through annual token distribution.
Key Features in the Sky Ecosystem
Sky introduces several key features to enhance user experience:
- Sky Savings Rate (SSR): A replacement for the DAI Savings Rate, offering variable interest to USDS holders.
- Sky Token Rewards (STRs): An incentive program for users participating in the Sky ecosystem, such as providing liquidity or taking part in governance.
- Sky Stars: Independent SubDAOs operating within the Sky ecosystem, enabling innovation and experimentation in various DeFi sectors. The Sky Ecosystem will eventually host multiple SubDAOs with different functions.
These features are designed to increase user engagement and drive sustainable growth of the ecosystem.
Implementation Strategy and User Benefits
The transformation into Sky aims to make DeFi more accessible and user-friendly. With a more intuitive interface and modular structure, Sky hopes to attract more participants to its ecosystem.
User benefits include:
- Higher yields: Through SSR and STRs, users can earn from active participation.
- Governance participation: SKY holders have voting rights in protocol decision-making.
- Access to innovation: Sky Stars allows users to engage in cutting-edge DeFi projects.
To help you take advantage of these benefits, you can access Sky through Pintu Web3. With Pintu Web3, you can now access Sky services easily and directly on-chain—accelerating DeFi adoption among local Indonesian users who are increasingly familiar with app-based decentralized wallets.
How to Maximize Benefits from the Sky Ecosystem
To take full advantage of everything Sky has to offer, here are the key actions you can take:
- Convert Your Tokens: Swap your DAI for USDS at a 1:1 ratio and MKR for SKY at a 1:24,000 ratio through the official Sky platform. This unlocks access to new features and rewards.
- Earn Interest with USDS: Deposit your USDS to activate the Sky Savings Rate (SSR) and earn variable interest, similar to a high-yield savings account in the DeFi world.
- Join the Rewards Program: Participate in the Sky Token Rewards (STRs) by contributing to the ecosystem—such as providing liquidity or taking part in governance—and earn bonus SKY tokens.
- Explore Sky Stars Projects: Get involved in Sky Stars, the SubDAO ecosystem, to engage with innovative DeFi experiments and potentially earn additional returns while shaping the future of the platform
Pros and Risks
Pros:
- Enhanced decentralization: Modular structure allows innovation without compromising the security of the core protocol.
- Attractive incentives: SSR and STRs programs motivate users to actively participate.
- Flexibility: Users have the option to continue using DAI and MKR or switch to USDS and SKY.
Risks:
- Complexity: The new structure might be confusing for newcomers or less experienced users.
- Regulatory uncertainty: Legal changes could affect Sky’s operations and adoption.
- Technical risks: As a DeFi protocol, Sky is still vulnerable to smart contract bugs or exploits.
Conclusion
MakerDAO’s rebranding to Sky marks a major step forward in DeFi evolution. By introducing USDS and SKY, along with a modular structure through Sky Stars, the protocol aims to improve accessibility, user incentives, and innovation across the decentralized financial landscape. While there are challenges and risks involved, this transformation demonstrates a strong commitment to advancing DeFi to the next level.
References:
- Blockworks. Maker rebrands as SKY, DAI will be upgradeable to USDS. Accessed May 20, 2025.
- Bybit Learn. Sky (SKY): Supercharged Upgrade of MakerDAO & DAI. Accessed May 20, 2025.