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Home»DeFi»MakerDAO community decides to continue Sky rebrand amid centralization concerns in vote
DeFi

MakerDAO community decides to continue Sky rebrand amid centralization concerns in vote

November 29, 2024No Comments2 Mins Read
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The DeFi project Sky has made a significant decision to stick with its new brand identity, choosing to remain as Sky rather than reverting back to MakerDAO following a recent community vote.

Polling data from the vote revealed that an overwhelming 79.3% of participants supported keeping the Sky brand as the core protocol name. In contrast, about 18.46% of voters favored a “limited brand refresh” under MakerDAO, while only 2.2% preferred a full reversion to the MakerDAO branding.

In a statement released on Nov. 7, the decision was hailed as a clear path forward for the Sky ecosystem, solidifying Sky as the primary brand for the protocol. This move signifies a shift from MKR to SKY and designates Sky as the identity for both the frontend app and backend protocol.

Co-founder of Sky, Rune Christensen, expressed excitement about embracing the new brand, emphasizing that “Sky stays as the brand for the backend protocol powering USDS – the stablecoin with access to native token rewards and savings rate.”

However, concerns about centralized voting influence were raised within the community. The data revealed that only around 20 participants voted, with four large entities controlling about 80% of the vote share. This concentration of voting power among a few entities raises questions about centralization issues within DAOs, as smaller participants had limited sway over the outcome.

Venture capitalist Mike Dudas highlighted the risk of centralized control in DAOs, pointing out that “five large entities accounted for 80% of the MakerDAO vote,” indicating potential challenges in maintaining fair governance under such circumstances.

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Looking ahead, Christensen outlined several upcoming goals for the Sky ecosystem. These include expanding the adoption of USDS by launching Solana and Ethereum Layer 2 solutions, migrating MKR to SKY across centralized exchanges, updating listings on platforms like CoinGecko, and launching Spark – the first major project under the new brand, offering SPK token rewards for USDS holders.

Additionally, plans are in motion to make SKY a deflationary token and define tokenomics for Spark, aligning with Sky’s vision of long-term sustainability and robust community engagement.

The decision to retain the Sky brand sets a clear direction for the project’s future, with a focus on growth, innovation, and community involvement.

centralization community Concerns continue decides MakerDAO rebrand Sky Vote
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