Sky Maintains Identity after Whale Voters Squash Rebrand Option

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As a researcher who has been closely following the MakerDAO/Sky ecosystem for quite some time now, it is fascinating to witness the twists and turns this project has taken. The recent governance vote to decide whether or not to rebrand from Maker to Sky was a significant event, and the results are intriguing.

Following a chat within our community, it has been decided that Sky will not undergo the planned rebranding to Maker. This decision stems from the fact that the governance proposal for the rebranding of the Decentralized Finance (DeFi) lending and borrowing protocol was not backed by whale voters.

Whale Voters Pledge 63,874 MKR to Avoid Sky Rebrand

It is worth noting that the governance voting process was held earlier this week. Notably, a significant percentage of voters support the “Keep the Sky brand as the backend protocol brand” option. This option received 79% of the votes, and voters committed as much as 63,874 MKR

MKR
$1 511



24h volatility:
5.2%


Market cap:
$1.33 B


Vol. 24h:
$298.23 M

. Amazingly, only four whales contributed 98% of these tokens.

Conversely, just 18.5% of voters supported the rebranding proposal and committed a total of 14,864 MKR tokens. Much like the initial group, a single large investor pledged nearly all the available 14,864 MKR tokens.

As a result, the DeFi protocol shared that “The governance of the Sky ecosystem has successfully held an on-chain vote and decided to carry on utilizing the Sky brand as the main backend protocol within the ecosystem.

It also added that the decision “supports the ongoing transition from MKR to SKY and establishes Sky as the core brand.”

Four months following its rebranding, Coinspeaker noted that MakerDAO is still pondering over whether its freshly suggested name “Sky” is suitable. As part of the rebranding process, DAI holders were given the chance to swap their tokens for the newly established stablecoin, Sky Dollar (USDS), which maintains a 1:1 value. Meanwhile, MakerDAO’s governance token MKR holds a value of 1:24,000 compared to the SKY token.

The DAI and MKR tokens continued to function as usual, but there were some issues within the Sky community regarding the rebrand. Some members expressed worries about the purpose of the SKY token. Rune Christensen, the founder of DeFi protocol, admitted that understanding the new reward systems in the SKY token plan, along with the new features of the protocol, could be challenging.

Sky Has Unearthed Potential-Framework Ventures Co-founder

Sky has planned a meeting within the community to explore potential choices. Among these possibilities is for members of the Sky community to carry on collaborating with Sky as the main brand. Another possibility is the return of Maker as the primary identity in its original state. Lastly, they’ve considered shifting Maker as the central brand while making minor adjustments to match USDS and subDAOs called Stars more closely.

The final decision for repositioning Maker was made, but it still required the community’s endorsement. Consequently, the latest governance vote turned out to be crucial. As Framework Ventures co-founder Vance Spencer suggests, Sky might not have had a fair chance to take off yet. He emphasized that the token is yet to receive backing from exchanges through listings.

As a researcher delving into this subject, I’d like to underscore an interesting observation: Spencer noted that CoinGecko did not transition MKR’s market capitalization to SKY. Moreover, this rebranding happened concurrently with a significant sell-off by one major fund of its MKR holdings, and the token experienced a broader market downturn around the same time.

As a researcher, I find immense potential in traversing the path laid out by the Endgame roadmap. However, there are aspects that require adjustment and valuable lessons to be gleaned from our journey so far.

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2024-11-08 17:52