Sky could rebrand as Maker

Sky, formerly known as Maker, may be facing yet another rebranding decision barely two months after its last transformation.

Rune Christensen, co-founder of Maker, has proposed to the community a potential return to the “Maker” name, a response to feedback on the recent rebranding move and the recent launch of its USDS stablecoin.

The stablecoin, formerly DAI, reached a total supply of 1 billion just two weeks after its launch. USDS has already been integrated into leading decentralized finance platforms like Aave, Morpho and Ethena, with plans to expand it to layer-2 networks and Solana.

The latest proposal comes just eight weeks after Sky was introduced. In the proposal, Christensen outlined three potential paths forward for the protocol.

The first option would be to stick with the “Sky” brand, which has gained recognition and some momentum since its launch. The second would restore the “Maker” brand to its original form, with MKR as the sole governance token.

Meanwhile, the third option suggests a compromise, which would involve retaining the Maker name, but refreshing its identity to align with the recent product launches, such as USDS and the StarDAO ecosystem.

Christensens proposal responds to the confusion created by the previous rebranding. Many users found it unclear how the Sky token, a re-denomination of the MKR token, fit into the larger ecosystem.

The introduction of Sky also coincided with new features, leaving some community members struggling to keep track. The use of the “Sky” name for the token, protocol, and front-end further complicated things.

In contrast, the Maker brand has deep roots in the DeFi space, with users associating it with stability and trust. Many users continue to hold MKR, despite the option to transition to Sky.

The potential rebranding is part of a wider governance process, with community members set to vote on the proposal starting Nov. 4. Before the vote, a community call will take place on Oct. 25 to gather more input.

Community reacts

Following the proposal, web3 developer Anon Builder expressed doubts about abandoning the MakerDAO brands equity.

While he appreciates the Maker and DAI names, hes unsure if returning to the original branding is the best move.

Rune raised questions about whether it was a good decision to rebrand and if it was worth losing the MakerDAO brand equity. I have mixed feelings, I love Maker and DAI brands, but I dont think going back is the right choice.

— AnonBuilder (@anonbuilderok) October 21, 2024

On the other hand, community figure Mason criticized the decision to rename DAI to USDS. He argued that DAI was one of the most recognizable brands in crypto and that transitioning to another “USDx” stablecoin made it harder to stand out in a crowded market.