The brand new USDS stablecoin and SKY governance token can be obtainable on Sept. 18 with a brand new DeFi software to work together with the protocol.
The protocol’s established tokens DAI and MKR will stay in circulation unchanged, and customers can resolve voluntarily to alternate.
The adjustments are a part of the protocol ongoing overhaul referred to as Endgame.
MakerDAO, one of many oldest and largest decentralized finance (DeFi) lenders, is getting a brand new title and new tokens as a part of its on-going revamp.
Maker has rebranded to “Sky,” in response to a press launch on Tuesday. The protocol, which has $7 billion of belongings, may even introduce new variations of its $5 billion stablecoin (DAI) and governance token (MKR), referred to as the USDS stablecoin and the SKY governance token.
DAI and MKR will keep in circulation unchanged, with the brand new tokens current in parallel. Token holders will have the ability to alternate DAI tokens 1:1 for USDS, whereas every MKR token might be swapped for 28,000 SKY tokens. The brand new tokens can be issued on Sept. 18, and holders can voluntarily select to maintain the previous tokens or alternate for the brand new ones.
“The basic issue was find out how to develop DeFi to gigantic scale, one thing as huge as Tether and even larger,” Rune Christensen, MakerDAO’s co-founder, mentioned in an interview with CoinDesk.
Tether points the $116 billion USDT, the most important stablecoin in the marketplace.
Christensen spearheaded the protocol’s main, multi-year overhaul referred to as the “Endgame.” As a part of the method, he first laid out plans of introducing “upgraded” variations of the platform’s stablecoin and governance token in Might 2023 in a governance discussion board publish.
Learn extra: Rune Christensen Explains Why He Needs to Remake Maker and Kill DAI
The protocol is hinging its development objectives on native token rewards for USDS and SKY holders via the protocol’s new person interface, the Sky.cash software, Christensen mentioned.
The reward accrual perform, nonetheless, can be restricted for sure jurisdictions together with the U.S. and UK.
The overhaul additionally consists of breaking apart the platform into smaller, impartial entities with their very own tokens. These organizations, earlier known as SubDAOs, can be named Stars as a part of the rebranding effort.
The primary one among these entities is about to be Spark, the lending platform constructed on prime of Maker/Sky.
However the transformation won’t occur till “a number of months later when the entire expertise has been examined and ramped up,” Chistensen mentioned through the interview.
