CandleFocus Sky Branding Dilemma Deepens Amid Founder’s Transactions
2024-10-23
Author: Content Editor
Sky (formerly known as MakerDAO) is facing challenges and community feedback after its rebrand. The protocol, famous for creating the decentralized stablecoin Dai, has introduced a new stablecoin called USDS, which has already surpassed 1 billion in supply within two weeks. This has brought $700 million in capital to USDS and Dai. Despite the success, there has been negative feedback about the rebrand, prompting three potential paths: keeping the Sky brand, reverting to MakerDAO, or adopting a hybrid approach. Founder Rune Christensen's recent transactions with ENA and USDe tokens have raised questions about his stance on Sky's tokens and speculation about potential strategy shifts. A community meeting is scheduled for October 25 to discuss the branding future, followed by a formal vote on November 4. Ethena, known for the USDe stablecoin, has experienced significant growth.
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