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.