MakerDAO
by MakerDAO
Quick Fact
In August 2024, MakerDAO rebranded to Sky Protocol, introducing the USDS stablecoin and SKY governance token, while retaining DAI and MKR in circulation.
MakerDAO, a trailblazer in decentralized finance (DeFi), has undergone a major transformation with its rebrand to Sky Protocol in August 2024. Known for launching the first collateral-backed decentralized stablecoin, DAI, Maker now introduces new components such as USDS and SKY, while continuing to support DAI and MKR.
The Endgame Plan and Rebrand
Sky Protocol is the next phase of the Maker ecosystem, designed to improve scalability, governance, and resilience. Under the Endgame Plan, the ecosystem introduces:
USDS, a new stablecoin issued alongside DAI
SKY, a new governance token with broader economic utility
SubDAOs (or "Stars"), modular units with delegated responsibilities and incentive structures
These updates aim to simplify protocol governance, distribute responsibility across autonomous teams, and align token incentives more effectively.
SubDAOs and Real-World Asset Integration
One of the most notable SubDAOs is Spark Protocol, a DeFi lending platform that includes Spark Lend and the Dai Savings Rate. SubDAOs enable more focused and agile development, allowing the ecosystem to expand modularly.
Sky Protocol has also significantly grown its exposure to real-world assets (RWAs), including U.S. Treasuries and tokenized bonds, creating new yield mechanisms while enhancing Dai and USDS stability.