Since its rebranding to “Sky Protocol” in August 2024, MakerDAO has undergone significant changes. The introduction of the stablecoin “USDS” and governance token “SKY” has positioned the protocol as a key player in the Endgame strategy, aiming to expand the DeFi ecosystem.
Table of Contents
Current Status and Trends
- USDS Growth:
The supply of USDS has surged, reaching $2.32 billion as of February 2025—a 135% increase in just five months. In contrast, the supply of the older stablecoin DAI has declined. - SKY Token Transition:
Governance tokens are transitioning from MKR to SKY. However, SKY’s price performance has been underwhelming, showing a downward trend instead of the anticipated growth. - Community Reactions:
Opinions on the rebrand are divided. Some community members express concerns about a perceived drift from decentralized principles and MakerDAO’s original values.
Challenges and Discussions
The transition to Sky Protocol has incurred high costs, and criticism surrounds new features and regulatory adaptations. Some suggest revisiting the current branding strategy to address these issues.
Summary
While Sky Protocol has shown growth, particularly with USDS adoption, it has yet to gain full support from the market and its community. Adjustments and strategic refinements will be critical for its future trajectory.
Comment