The Maker project's rebrand to Sky and the introduction of the SKY governance token have not been as successful as anticipated, with only about 10.7% of MKR token holders converting to SKY. In contrast, the usage of the USDS stablecoin has been well-received, reaching a market cap of $1.26 billion. The decision to redenominate MKR into a higher token supply of SKY did not yield the desired outcome, as the SKY token failed to get listed on centralized exchanges. Critics have criticized Maker for wasting $50 million on the failed rebrand. However, the Maker team has emphasized the value of the rebrand in driving demand for the USDS stablecoin and its successful integration with platforms like Aave and Solana.



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