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In September 2024, MakerDAO, a pioneering decentralized finance (DeFi) protocol, underwent a significant transformation by rebranding itself as Sky (SKY). This rebranding was part of the project's comprehensive strategy to enhance scalability, user engagement and regulatory compliance. The major changes that came with the rebranding include token upgrades, whereby the platform’s stablecoin, Dai, was upgraded to USDS (Sky Dollar) while the governance token MKR was rebranded to SKY.
Let’s take a deeper look at USDS and its role on the Sky platform.
Key Takeaways:
USDS, a stablecoin, is the upgraded version of Dai within the new protocol known as Sky, which itself is a rebrand of the DeFi platform MakerDAO.
Notably, its holders can accumulate Sky Token Rewards (STRs) for holding USDS.