A proposal to rebrand the DeFi protocol Sky back to its original Maker name has been rejected in a governance vote heavily swayed by whale investors. Sky’s team announced the vote’s outcome on X on November 8, confirming that the community opted to keep the Sky brand as the ecosystem’s primary protocol identity. This vote reinforces the transition from MKR to SKY, marking Sky as the core brand moving forward.
Community Vote Results: Strong Support for Sky Branding
The vote, which ended on November 4, saw 79% of voters—totaling 63,874 MKR tokens—supporting the Sky brand, while 18.5% preferred returning to the Maker name with 14,864 MKR tokens. However, the vote raised questions over the decision-making centralization, as just four whale accounts held 98% of the votes favoring the Sky brand, while nearly all rebrand-supporting votes came from a single whale.
The rebranding debate began in October due to confusion following the protocol’s August name switch from Maker to Sky. Co-founder Rune Christensen initiated a governance discussion offering three options, including reverting to the Maker name. However, some community members voiced concerns over the timing and execution of the rebrand, with Vance Spencer of Framework Ventures citing limited exchange listings and visibility for Sky on platforms like CoinGecko.
Sky Token Faces Volatility
Sky’s token value has experienced fluctuations since the August rebrand, falling nearly 50% before rebounding after a new proposal introduced deflationary tokenomics by reducing supply and halting emissions.
Maker’s Rebrand to Sky as Part of ‘Endgame’ Upgrade
The rebrand to Sky aligns with the “Endgame” upgrade, replacing DAI with USDS and MKR with SKY to emphasize decentralized governance. Additionally, “Sky Stars” (formerly SubDAOs) were introduced, enabling independent governance and treasury management. Legacy MKR and DAI tokens remain available under the Sky protocol, while the new USDS token features rewards and is accessible through sky.money. However, a “freeze function” in USDS has sparked debate within the crypto community regarding its impact on decentralization.
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