Sky Protocol is also the upgraded version of MakerDAO, a leading decentralized finance (DeFi) protocol. As part of MakerDAO’s “Endgame Plan,” the protocol was rebranded to Sky, introducing new tokens ($USDS and $SKY), governance mechanisms, and multichain integration through Skylink.
Key features:
- New Tokens: $DAI was upgraded to $USDS (stablecoin), and $MKR was replaced by $SKY (governance token).
- Multichain Integration: Skylink enables seamless token transfers across Ethereum, Layer 2s, and other blockchains.
- Enhanced Governance: Introduced Sealed Activation for long-term participation rewards.
- Sky Stars Ecosystem: SubDAOs were rebranded as Sky Stars to foster innovation within specialized ecosystems.
This rebranding aims to increase decentralization, scalability, and user engagement while simplifying governance processes.