MakerDAO has rebranded to Sky Protocol, renaming tokens on one of the cryptocurrency’s largest decentralized finance platforms. The crypto lender announced the rebranding of Maker on August 27, introducing the launch of Sky with new tokens.

Maker’s governance token MKR is now SKY, while the stablecoin Dai has been renamed Sky Dollar, with the ticker USDS.

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Users Can Swap DAI and MKR for USDS and SKY

According to the Sky Protocol team, holders of DAI and MKR will be able to swap these tokens for USDS and SKY. MKR will be swapped for the upgraded version SKY at the ratio of 1:24,000, meaning 1 MKR will convert to 24,000 SKY.

Meanwhile, the Sky Dollar, which offers access to native rewards in the Sky ecosystem, will swap 1:1 for DAI. The new tokens are set to launch on September 18, with MKR and DAI holders having the option to swap them for the upgraded tokens.

Sky will also allow for swapping of Ethereum, USDC, and Tether into the new stablecoin USDS.

Market Reaction

Maker’s price saw a slight increase following the announcement, breaking above $2,165. The 24-hour trading volume also surged, up 139% to over $151 million at the time of writing.

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