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Maker Protocol rebrands to Sky, Dai stablecoin rebranded to USDS

  • Maker Protocol rebrands to Sky, renaming Dai stablecoin as Sky Dollar (USDS).
  • MKR governance token upgraded to Sky (SKY) with a 1:24,000 conversion rate.
  • Maker SubDAOs rebranded as Sky Stars, with Spark as the first live subDAO.

In a significant move to make decentralized finance (DeFi) more accessible, the Maker Protocol has rebranded to Sky, unveiling a new identity for its stablecoin and governance token.

The Dai stablecoin, widely recognized as the largest decentralized stablecoin, has been renamed USDS. Alongside this, the governance token has been upgraded from Maker (MKR) to Sky (SKY), marking a pivotal moment in the evolution of DeFi.

Notably, the rebranding comes roughly three months after MakerDAO, the decentralized autonomous organization that oversaw the Maker Protocol, unveiled two new tokens – NewStable and NewGovToken.

A new chapter for Maker: introducing Sky and USDS

The rebranding of Maker Protocol, a pioneer in the DeFi space, reflects the protocol’s mission to simplify and broaden access to decentralized financial services.

With this shift, Maker has also introduced significant changes to its key assets. The Dai stablecoin, which has long been a cornerstone of the DeFi ecosystem, has been rebranded as USDS with the aim of making the stablecoin more relatable and accessible to a broader audience.

In tandem with the stablecoin rebranding, the governance token MKR has been replaced with the Sky (SKY) token. The upgrade from MKR to SKY is set at a conversion rate of 1:24,000, a move designed to increase the distribution and accessibility of the token.

According to Rune Christensen, co-founder of MakerDAO, this change is part of a broader effort to enhance user experience and drive the next wave of DeFi adoption.

Maker SubDAOs revamped to Sky Stars

As part of its comprehensive rebranding strategy, Maker has also revamped its SubDAOs, now known as Sky Stars. These decentralized, autonomous organizations will continue to operate independently, contributing to the broader Sky ecosystem with their unique business models.

Each Sky Star subDAO will have the autonomy to issue its own governance token, manage its treasury, and make independent decisions.

The first of these Sky Stars, Spark, has already gone live as a decentralized liquidity protocol. Spark offers users a 6% yield for depositing USDS while enabling borrowing at a 7% interest rate. This move positions Spark as a significant player in the DeFi lending space, currently ranked as the third-largest lending protocol with a total value locked (TVL) of $2.66 billion.

The rebranding of Maker to Sky, along with the introduction of USDS and SKY, marks a transformative step in the DeFi landscape, positioning the protocol for future growth and broader user engagement.

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Xapo Bank partners with Hilbert Group to launch $200m Bitcoin hedge fund

  • Xapo Bank and Hilbert Group will launch a Bitcoin-denominated hedge fund.
  • The BTC fund will receive an initial investment of $200 million from Xapo and other investors.

Xapo Bank is teaming up with Hilbert Group to launch a Bitcoin (BTC)-denominated hedge fund, according to a press release on Aug. 27.

In the announcement, Hilbert Group said the strategic partnership will involve its asset management arm Hilbert Capital and see an initial investment of over $200 million from Xapo as well as other investors.

“Over the last 12 months, we have developed a close and strategic partnership with Xapo Bank, a veteran in the Bitcoin space and a tier-one financial institution in the digital asset space,” Niclas Sandström, CEO of Hilbert Group, said.

He added, “Given the investment opportunity and the quality and experience of the team, we anticipate that the Fund will grow meaningfully over the next year.

Fund to offer exposure to Bitcoin

The newly-established BTC-denominated hedge fund will launch in September, Hilbert Group revealed in the press release. Corporates, businesses and professional investors will leverage the new fund to generate returns in bitcoin. The fund will offer institutional-grade credit arrangements that investors don’t get through direct market participation.

Notably, the BTC-denominated fund will have fees lower than the 2% and 20% Hilbert’s other hedge funds charge.

“We believe that offering the right products for participants in the space who are aiming not only for exposure to the Bitcoin price, but also structured ways to grow the Bitcoin value of those investments is a natural evolution of the asset class,” Joey Garcia, director of Xapo Bank commented.

Hilbert, founded in 2018, primarily focuses on asset management of algorithmic trading strategies.

The company also invests in blockchain and crypto related projects. Investments in the space include crypto data platform Coin360, blockchain-based self-service SaaS tool CapChap and HAYVN, a digital assets trading and custody platform.

Meanwhile, Xapo is the first Bitcoin-enabled bank that integrates fiat with crypto. It recently announced its entry into the UK.

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