Sky Maker back on the table as community considers another rebrand

The decentralized finance (DeFi) lending platform Sky is contemplating a return to its original name, Maker, due to confusion and negative feedback following its rebrand in August. Rune Christensen, co-founder of Sky, proposed the idea of “recentering the Maker brand” during the platform’s governance forum on October 21. He acknowledged the success of the recent launch of the USDS decentralized stablecoin and the introduction of the Sky protocol since the rebrand. However, there has been confusion within the community regarding the roles of the Sky token and the Maker brand, with feedback indicating a preference for the Maker brand. Christensen presented three proposals for the future direction: sticking with Sky as the core brand, reverting to the original Maker brand with MKR as the sole governance token, or recentering Maker with a refreshed identity that aligns with USDS. The next steps involve gathering feedback through a community call on October 25 and conducting a governance poll on November 4 to determine the path forward for the Maker brand and tokenomics. During the rebrand, the introduction of the USDS stablecoin sparked controversy due to its “freeze function,” which raised concerns about decentralization. The former governance token, MKR, has experienced a 45% drop since the rebrand, despite the re-denomination of 1 MKR to 24,000 SKY tokens. MKR is currently trading at its lowest level since September 2023, down 3.5% on the day at $1,178.