MakerDAO Rebrands to Sky, DAI to USDS event
Overview
MakerDAO rebranded to Sky in August 2024 as the first phase of co-founder Rune Christensen's multi-year 'Endgame' restructuring plan. The rebrand introduced two new tokens: SKY, replacing MKR as the governance token at a conversion rate of 1 MKR to 24,000 SKY, and USDS, an upgraded stablecoin convertible 1:1 with DAI. Both conversions were optional and reversible, and DAI and MKR continued to exist. Uptake was limited early on, and the community later debated reverting aspects of the branding.
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Frequently asked questions
When did MakerDAO become Sky?
The rebrand went live in late August 2024, on 27 August 2024.
What is the MKR to SKY conversion rate?
1 MKR converts to 24,000 SKY, and the conversion was optional and reversible.
Does DAI still exist after the rebrand?
Yes. DAI remains, and holders can optionally upgrade it 1:1 into the new USDS stablecoin.
Sources
Facts on this page were verified against the following sources.