Crypto News:
Author: Martin Young, Cointelegraph; Translation: Tao Zhu
Since August, the rebranding of the decentralized lending platform Sky has caused confusion and negative feedback. The platform is now considering restoring its original Maker brand.
On October 21, Rune Christensen, co-founder of Sky, proposed a discussion on “reestablishing the Maker brand” at the platform’s governance forum.
He emphasized the recent launch of the decentralized stablecoin USDS and the success of the Sky protocol since it rebranded from Maker at the end of August.
However, there has been some confusion within the community regarding the roles of the Sky token and the Maker brand. Feedback indicates that people have a stronger affinity for the Maker brand than for Sky.
“It is now clearer than ever the love and trust the DeFi community has for the Maker brand,” he added. “There is a lot of affinity for this brand and what it represents – stability, security, and the scale of DeFi. Holding MKR tokens comes with many promises compared to upgrading to SKY.”
To address these issues, he proposed three possible directions:
1. Continue using Sky as the core brand and leverage its recent momentum, reposition the Maker brand in its original identity, restore MKR as the sole governance token, and modernize it to align with USDS.
Sky brand rebranding proposal. Source: Sky Governance Forum
The next steps include collecting feedback at a community call on October 25 and conducting a governance poll on November 4 to determine the future direction of the Maker brand and token economics.
Although Maker was renamed to Sky in August, most of the turmoil at that time was related to the platform’s new stablecoin USDS. The crypto community criticized the “freeze function” of USDS, which raised concerns about its decentralization.
Despite the rebranding, where MKR was renamed to 24,000 SKY tokens, the former governance token of the DeFi platform has fallen by 45% since the rebranding at the end of August.
MKR further declined by 3.5% on the day, reaching its lowest level since September, at $1,178.
MKR/USD 1-year chart. Source: Tradingview