Sky Community Contemplates Another Rebrand Returning to Maker

The decentralized finance (DeFi) lending platform Sky is contemplating a return to its original name, Maker, due to confusion and negative feedback following its rebranding in August. Co-founder Rune Christensen suggested recentering the Maker brand during a governance forum on October 21. He acknowledged the success of the recent launch of the USDS decentralized stablecoin and the introduction of the Sky protocol since the rebranding. However, there has been confusion within the community regarding the roles of the Sky token and the Maker brand, with feedback indicating a strong preference for the Maker brand. Christensen proposed three possible directions to address these concerns: continuing with Sky as the core brand to build on its recent momentum, recentering the Maker brand with its original identity while reinstating MKR as the sole governance token, or recentering Maker with a refreshed identity that aligns with USDS. The next steps include gathering feedback during a community call on October 25 and conducting a governance poll on November 4 to determine the future direction of the Maker brand and tokenomics. Following the rebranding, the platform’s former governance token, MKR, has dropped 45% despite the re-denomination of 1 MKR to 24,000 SKY tokens. MKR is currently trading down 3.5% at $1,178, its lowest level since September 2023.