Maker DAO
The main function of the Maker ecosystem is to issue the stablecoin Dai, pegged to the US dollar at a 1:1 ratio, and to facilitate Dai-based apps and services. The Maker and its ecosystem operate as a decentralized autonomous organization (DAO), aiming to solve the issue of stable exchange of values on Ethereum in a completely decentralized way.
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About
What is Sky (formerly MakerDAO)?
Sky, previously known as MakerDAO, is a decentralized autonomous organization (DAO) operating within the DeFi ecosystem. Sky's core function remains tied to maintaining DAI, a stablecoin pegged to the U.S. dollar, but it has expanded its vision by integrating various new tools and strategies under its rebranding. The organization is part of the Sky Protocol, which aims to provide a broader range of decentralized financial services, including collateralized lending, stablecoin issuance and governance.
Rebranding and expansion
As of 2023, MakerDAO rebranded as Sky to reflect its broader mission within the evolving landscape of decentralized finance. Under the new brand, Sky Protocol seeks to further integrate its stablecoin, DAI, across multiple blockchains beyond Ethereum, such as Solana, utilizing the Wormhole protocol for seamless cross-chain interactions.
The rebranding also underscores the introduction of USDS, a stablecoin that will operate on Solana's network. The expansion to Solana represents Sky's commitment to building a more robust, multi-chain financial ecosystem that can offer faster and cheaper transactions compared to the Ethereum network.
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FAQ
What is liquidity aggregation?
Liquidity aggregation combines liquidity from multiple sources to give users access to the best rates and minimal slippage during token swaps – all within a single place. By tapping into liquidity across the entire market, 1inch simplifies the swapping process, saving users time and effort. This efficient, decentralized approach enhances the swapping experience in a self-custodial environment.
Why is DEX aggregation important?
DEX aggregation is crucial because it enables users to access competitive prices and optimal liquidity across multiple decentralized exchanges through a single interface. Since different DEXes may offer varying prices for the same asset, DEX aggregation eliminates the need for manual comparison, ensuring users get the best possible rates. Additionally, swaps can be split across different protocols and market depths, optimizing both swap prices and gas usage. With 1inch, users enjoy a seamless experience that consistently delivers top-tier rates and efficiency.
What is Sky (MakerDAO)?
BSky, formerly known as MakerDAO, is a decentralized autonomous organization (DAO) focused on providing decentralized financial services. Sky’s main function centers around maintaining DAI, a stablecoin pegged to the U.S. dollar, which is widely used across DeFi for lending, borrowing and swapping. Following its rebranding, Sky has broadened its scope, offering additional features like collateralized lending, governance through SKR tokens and multi-chain compatibility via the Wormhole protocol to expand DAI and other services to blockchains like Solana.