MakerDAO community members are going to the polls to express their opinion on what to do with the Sky brand.
In an interview with CoinDesk, MakerDAO founder Rune Christensen didn’t express a strong opinion on the branding but rather said the community should make a firm decision and then go back to building.
While Americans head to the polls today to pick a new president, MakerDAO token holders have their say on the protocol’s brand.
Voting is open for MKR token holders to gauge their opinion on whether MakerDAO should “re-center” the Maker brand and drop the new “Sky” moniker, which it adopted in August.
The poll – which is not binding – currently shows that token holders support keeping the Sky brand, although participation is so far quite limited.
In an interview with CoinDesk, Rune Christensen, MakerDAO’s founder, remained neutral on the branding question but instead asked the community to resolve the branding debate and refocus on growth.
“The most important thing is just to make a decision, and focus on what matters, which is the product,” he said.
Christensen emphasized that changing the name to Sky was not merely cosmetic “and a lot more than a rebrand,” saying it was part of Maker’s ‘Endgame’ strategy that introduced new products, like the USDS stablecoin.
One way to track the success of this stablecoin, Christensen said, is through the portion of USDS held idle without earning rewards. Of the over $1 billion in circulation, a small but notable amount are not earning rewards – which shows that it’s being held by real humans and not bots as this idle behavior signals organic use, as real users treat USDS like cash, holding it temporarily without maximizing returns.
“Bots are never going to leave money on the table,” he said.
However, while the move was still considered to be successful, and the launch of the USDS stablecoin has exceeded expectations, Christensen also acknowledged that the re-branding of Sky was met with challenges that impacted community perception and market confidence.
He noted that the {{MKR}} token’s value dropped significantly after the launch of Sky – CoinDesk Indices data shows it’s down nearly 40% in the last three months while the CD20 index is up 14% – overshadowing the positive aspects of the rebrand.
“The price action ended up totally dominating people’s impression of the launch,” he said, pointing fingers at the dual-token structure, which led to confusion.
“It was a half migration. It wasn’t a full rebrand of the token to Sky, so most people still hold MKR,” he said. “There are two tokens, and what does that mean? It gets very confusing very fast. The classic case of uncertainty, which is the worst thing you can have in an economy or financial system.”
The poll continues until November 7. The next step will be a binding governance vote.
News
The Block 2024 auctions finale: Melbourne Cup clue may answer lingering auction question
The Block’s night of nights is coming this weekend — and the most important question on everyone’s mind is — who is going to be there? In what has been one of the most drama-filled seasons of the show, a…
Who will win The Block 2024?
As The Block 2024 draws to a close, the attentions of the Blockheads are turning to the all important auctions – and of course the lucrative prize money. Each home will go under the hammer on the exact same day, leading to…
Which millionaires have dominated The Block’s auctions?
A trio of multi-millionaire investors have bought a combined $53.9m worth of homes from The Block in the past 13 years. Danny from the Block – the man who can and does buy half the shows homes with an erratic…
The Block homes set for $200k loss as soon as they’re ‘off the lot’
The Block houses are set to lose more than $200,000 the moment they change hands as the value of the fancy furniture and appliances is instantly wiped out for future investors. 1/113-119 Justice Road, Cowes. House 1 on The Block…
EXCLUSIVE: The shockingly low salaries of My Kitchen Rules contestants revealed… as claims emerge the reality stars have to work unpaid overtime
While many believe a stint on a reality TV series is a passport to fame and riches, often the opposite is true. Sadly, the latter seems to be the case for the current crop of contestants on long-running series My Kitchen Rules….
My Kitchen Rules star Colin Fassnidge names the BEST restaurant in Australia – and Nigella Lawson is a huge fan
My Kitchen Rules star Colin Fassnidge has revealed the best places to eat in Australia – and the one cafe he ‘always’ visits for ‘great’ coffee. The Irish chef declared the family-owned Thai restaurant Porkfat in Sydney‘s Haymarket the ‘best restaurant’ in…
End of content
No more pages to load