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Maker (MKR) is now SKY and Dai (DAI) is now USDS

What is going on with Maker (MKR) and Dai (DAI)? And what is Sky (SKY) and what is USDS? Don't panic, here's the breakdown.
mkr to sky, maker to sky, dai,

What is happening with and ? Maker (MKR) is the existing governance token. It has been upgraded to Sky Governance Token (SKY). Dai (DAI) is the existing stablecoin. It will be upgraded to USDS.

MakerDAO is now Sky Protocol.

MKR to SKY: Why did this happen?

The overall goal is to make DeFi user friendly for regular people. By rebranding and removing the complexities, the hope, according to MakerDAO, is to attract more users. Maker was an early player in the decentralised finance (DeFi) field. With the rebrand, they are also making changes to their core products.

The changes

New stablecoin

The new stablecoin, USDS, is designed to stay at a value of US$1. ( Note that no stablecoin is guaranteed to always maintain its peg, as market volatility or systemic failures can cause deviations from US$1.) The old stablecoin was called DAI.

New governance token

People who hold get to vote on how the whole system is run. Maker's old governance token was called MKR.

Making DeFi mainstream

This move by Maker (now Sky) is significant because it signals a push towards greater mainstream adoption of DeFi.

Maker has undergone a major transformation, changing its name to Sky, introducing a new stablecoin (USDS), and a new governance token (SKY). They want to make DeFi more accessible and user-friendly.

The rebranding also affects Maker's , which will now be known as Sky Stars. These remain independent projects but will connect to the broader Sky ecosystem. Spark, the first Sky Star, is a lending platform where users can earn interest on their USDS deposits and borrow USDS or DAI.

Users have been able to upgrade their old tokens to the new ones since . If you have MKR, you can swap one for 24,000 SKY tokens. If you decide not to upgrade, your DAI and MKR will still work within the Sky system.

CoinJar is currently considering whether and how it will support upgrading DAI and MKR within its platform.

These changes are part of a bigger plan called the Maker Endgame, which aims to make the system more decentralized and easier to manage.

Some other changes include renaming the "DAI Savings Rate" to the "Sky Savings Rate," which works similarly but with some improvements. Not all these new features will be available everywhere.

Conclusion: Maker to Sky

Maker's transformation into Sky represents a move towards mainstream DeFi adoption. The introduction of USDS and SKY, along with the renaming of subDAOs to Sky Stars, reflects a commitment to a focus on convenience.

maker (MKR) to SKY, DAI, USDS

Frequently asked questions

What is happening to MakerDAO and its tokens?

MakerDAO is undergoing a rebranding. Its governance token, MKR, is being renamed to SKY, and its stablecoin, DAI, is becoming USDS. This is part of a broader strategic shift for the protocol.

The rebranding is aimed at enhancing clarity and understanding for users and the wider market.

When did these changes take place?

.

Will there be any disruption to my assets or the protocol's functionality during this transition?

The MakerDAO team is working to ensure a smooth transition with minimal disruption to users and the protocol's operation.

What will happen to my MKR tokens?

Your MKR tokens may not be automatically converted to SKY tokens. Please keep an eye on this page for any updates.

Will the functionality or utility of the governance token change?

The core functionality of the governance token will remain largely the same. Holders will still be able to participate in governance decisions and voting.

Will the price of the token be affected?

It's difficult to predict how the market will react to the rebranding. However, the underlying value and utility of the token should remain consistent.

What will happen to my DAI stablecoins?

Your DAI stablecoins might not be automatically converted to USDS stablecoins, please keep an eye on this page for further updates.

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Important Note for UK Residents: If you come across this article, remember that cryptocurrency investment is high-risk. Be prepared to lose your entire investment. No protection is guaranteed if things go wrong.  Remember, this article does not constitute

Standard Risk Warning  In the UK, it’s legal to buy, hold, and trade crypto, however cryptocurrency is not regulated in the UK. It's vital to understand that once your money is in the crypto ecosystem, there are no rules to protect it, unlike with regular

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