According to Coindesk, DeFi platform MakerDAO has undergone a rebranding to increase usage.
Accordingly, MakerDAO will rebrand as Sky and launch its new stablecoin USDS in September.
Popular DeFi protocol MakerDAO will rebrand as Sky and introduce a new stablecoin USDS and a new token called SKY on September 18.
The rebranding is reportedly part of MakerDAO's “Endgame” overhaul, which aims to simplify the user experience.
The protocol, which has $7 billion in assets, stated that its native tokens DAI and MKR will continue to remain in circulation and users will be able to voluntarily exchange them.
After the rebranding, users can continue to use their existing DAI and MKR tokens.
Token holders will be able to swap their DAI tokens for USDS at a 1:1 ratio, while each MKR token can be exchanged for 28,000 SKY tokens.
Following the news, the MKR price moved higher.
*This is not investment advice.