Sky’s Brand Strategy Review Post-Rebranding
The decentralized finance (DeFi) project Sky, previously known as MakerDAO, is currently assessing potential modifications to its brand identity in light of feedback from the community following its recent rebranding initiative.
Recent Developments and Achievements
On October 21, co-founder Rune Christensen shared a detailed proposal that outlined the achievements and hurdles faced by the protocol since it transitioned away from the MakerDAO name.
- The newly introduced stablecoin, USDS, has exceeded a supply of 1 billion just two weeks post-launch, fueled by a surge of new users.
- Since the launch of USDS, an impressive $700 million has been funneled into both USDS and DAI.
- Integration of USDS into major DeFi platforms, including Aave, Ethena, and Morpho, was noted as a significant milestone.
- The Sky.money platform attracted over 400,000 users within its first month of operation.
Community Feedback and Challenges
Despite these notable successes, the Sky platform has encountered considerable pushback regarding its new brand identity.
Considerations for Brand Strategy
Christensen has identified that the main concerns from the community focus on potential confusion stemming from the Sky branding and the utility of its associated token. Many loyalists still identify with the MakerDAO brand and favor retaining MKR tokens over switching to SKY.
Proposed Paths Forward
To address these issues, Christensen proposed three potential avenues for the brand:
- Maintain the Sky brand, which has gained some recognition since the rebranding.
- Revert to the original Maker brand, making MKR the exclusive governance token.
- Adopt a hybrid approach, combining elements of the Maker brand with updates that reflect recent launches, such as USDS and the new StarDAO ecosystem.
Christensen stressed the importance of ensuring that any changes would not adversely affect users or token holders, emphasizing:
“It is critical that no users, or token holders, are unfairly treated or have their user experience unexpectedly change – e.g., users that have received SKY Token Rewards should end up with core protocol tokens, as they expected. Sky.money shouldn’t suddenly change or lose functionality.”
Upcoming Community Engagement
A community call is set for October 25 to discuss and select one of the suggested options. Following this discussion, a consolidated proposal known as the “Atlas Edit” will be released on October 28 for additional community feedback. A formal voting process will commence on November 4 to finalize the brand direction.
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