DeFi mission Sky (previously referred to as MakerDAO) is evaluating the opportunity of further model changes following neighborhood suggestions on its latest rebrand.
On Oct. 21, Sky’s co-founder Rune Christensen launched a proposal that reviewed the protocol’s accomplishments and the challenges it has confronted since transitioning from MakerDAO to Sky.
Christensen famous that the protocol’s newly launched stablecoin, USDS, has already surpassed a provide of 1 billion simply two weeks after its introduction. This fast development, largely pushed by new customers, has resulted in an inflow of $700 million into each USDS and DAI since USDS went dwell.
Along with USDS’s efficiency, Christensen talked about that the token has been built-in with main DeFi platforms akin to Aave, Ethena, and Morpho. The Sky.cash web site additionally attracted greater than 400,000 guests in its first month of operation.
Regardless of these achievements, the platform has confronted vital destructive suggestions since its rebrand.
Potential return to MakerDAO?
In accordance with Christensen, the neighborhood’s issues primarily revolve round confusion over the brand new Sky model and the utility of its token. Many customers stay loyal to the MakerDAO model, and a few choose to carry MKR tokens somewhat than swap to SKY.
Christensen acknowledged this downside and advised that the neighborhood may have to revisit the branding technique whereas resenting three attainable programs of motion.
The primary possibility is to retain the Sky model, which has gained some visibility because the rebrand. The second possibility would contain reverting to the unique Maker model, with MKR as the only governance token.
The third possibility proposes a hybrid answer, the place the Maker title is retained however refreshed to align with latest product launches, such because the USDS stablecoin and the rising StarDAO ecosystem.
Christensen emphasised that any modifications shouldn’t negatively impression customers or token holders, stating:
“It’s important that no customers, or token holders, are unfairly handled or have their consumer expertise unexpectedly change – e.g. customers which have acquired SKY Token Rewards, ought to after all find yourself with core protocol tokens, as they anticipated. Sky.cash shouldn’t immediately change or lose performance.”
A neighborhood name to debate and select one in all these choices is scheduled for Friday, Oct. 25. Following this assembly, a finalized proposal dubbed the “Atlas Edit” shall be revealed on Oct. 28 for additional neighborhood enter. If authorised, a proper vote will start on Nov. 4 to find out the ultimate plan of action.
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