• Sky’s rebrand faces backlash; community prefers MakerDAO’s established identity.
  • Founder Rune Christensen’s transactions raise concerns about Sky’s direction.

Sky, formerly known as MakerDAO, is currently navigating significant changes and community feedback following its rebrand. Founded by Rune Christensen, Sky is grappling with user concerns regarding its new identity and governance structure. The protocol, previously famous for creating the decentralized stablecoin Dai, has introduced a new stablecoin, USDS, which has already surpassed a supply of 1 billion just two weeks after launch. This growth has brought an influx of $700 million into both USDS and Dai.

Sky’s USDS has seen strong integration across leading DeFi platforms such as Aave, Ethena, and Morpho, while the Sky.money website has attracted over 400,000 visitors within a month. Despite these achievements, Christensen acknowledged negative feedback from the community about the rebrand, with many users preferring the older MakerDAO identity and MKR governance token. To address this, Christensen proposed three potential paths: keeping the Sky brand, reverting to MakerDAO, or adopting a hybrid approach. It retains the Maker name while aligning it with Sky’s new products.

Rune Christensen, founder of Sky (fka MakerDAO), sold all 2.04M $ENA for 744K $USDC immediately after claiming them from @ethena_labs 9 hours ago.

Notably, he also redeemed all 22.08M $USDe back into $USDT 7 days ago. He was previously among the top holders of $USDe .

Follow… pic.twitter.com/xCr6WuH6pl

— Spot On Chain (@spotonchain) October 23, 2024

Meanwhile, Rune Christensen’s recent transactions have added complexity to the situation. He sold 2.04 million ENA tokens for 744,000 USDC after claiming them from Ethena Labs . And redeemed 22.08 million USDe back into USDT, raising questions about his stance on Sky’s tokens. These actions, coupled with his previous status as a top USDe holder, have fueled speculation about potential shifts in strategy.

Formal Voting To Be Done

A community meeting is scheduled for October 25, where the “Atlas Edit” proposal will be discussed. This will be followed by further community input and a formal vote on November 4 to decide on the future of Sky’s branding.

Notably, Ethena, known for the USDe stablecoin, has experienced significant growth, breaking key patterns on the charts, and attracting smart traders, making its future particularly promising.

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