Two DeFi Altcoins Added to Coinbase: SKY and USDS

Recently, Coinbase, the leading US-based cryptocurrency exchange, made an announcement regarding the addition of two decentralized finance (DeFi) altcoins to its platform. The altcoins in question are Sky (SKY), formerly known as MakerDAO, and its associated stablecoin USDS.

According to Coinbase, customers can now access and trade SKY and USDS on Coinbase.com as well as on the Coinbase iOS and Android apps. Users have the flexibility to buy, sell, convert, send, receive, or store these assets directly on the platform.

Market Response

Despite the news of the listing, the market response for SKY and USDS has been relatively subdued. SKY is currently trading at $0.0836, marking a 3% increase in the last 24 hours. On the other hand, USDS has maintained its peg to the US dollar.

Rebranding and Strategy

MakerDAO underwent a rebranding in August 2024, transforming into Sky (SKY) and replacing its governance token MKR with SKY, along with switching its dollar-pegged digital asset DAI to USDS. This move was part of the development team’s “endgame” strategy to promote growth and accessibility in the DeFi ecosystem and establish connections with traditional finance.

According to Messari, the rebranding aimed to appeal to a wider audience beyond the crypto-native community, signaling a shift towards traditional finance to drive adoption. While the strategic rebranding enhances DeFi growth, accessibility, and resilience, it may face challenges in terms of community acceptance and brand identity.

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