MakerDAO's Rune Christensen Pushes for Decision on Sky Brand Amid Token Holder Poll
Governance

MakerDAO's Rune Christensen Pushes for Decision on Sky Brand Amid Token Holder Poll

Voting among MKR holders suggests a preference for retaining the Sky brand, although engagement in the poll is limited.

MakerDAO community members are currently voting on the Sky brand's future. In a recent discussion, Rune Christensen, the founder of MakerDAO, expressed that he does not have a strong preference but emphasizes the necessity for the community to reach a decisive conclusion before progressing with development.

While Americans are casting their votes for a new president today, MKR token holders are voicing their opinions regarding the brand of their protocol.

A non-binding poll is open for MKR holders to determine if MakerDAO should abandon the recently adopted Sky brand, which was integrated in August. Currently, the poll indicates that token holders favor maintaining the Sky branding, but participation appears quite low.

In his interview, Christensen advised the community to prioritize making a decision and to shift focus back onto essential development tasks. "The most important thing is just to make a decision and focus on what matters, which is the product," he stated. He stressed that changing the name to Sky is not merely a superficial change but a significant rebranding effort, tied to MakerDAO's larger 'Endgame' strategy that aims to introduce innovative products like the USDS stablecoin.

To monitor the success of the USDS stablecoin, Christensen highlighted the importance of tracking the amount held without earning interest. A considerable portion of the over $1 billion USDS in circulation remains unutilized for earning returns, indicating genuine human usage rather than automated bots, which characteristically do not leave assets idle.

Despite overall positive outcomes from the stablecoin launch, Christensen noted that the branding changes have faced challenges, influencing both community perception and confidence in the market. He recognized that the MKR token has seen a price drop of nearly 40% since the Sky launch, overshadowing the rebranding's highlights. The dual-token structure has also led to confusion among users. "It was a half migration; it wasn’t a full rebrand of the token to Sky, so most people still hold MKR," he explained.

This survey will continue through November 7, leading up to a binding governance vote.

Next article

Market Update: NEAR and Hedera Shine Bright as Cryptocurrency Values Rise

Newsletter

Get the most talked about stories directly in your inbox

Every week we share the most relevant news in tech, culture and entertainment. Join our community.

Your privacy is important to us. We promise not to send you spam!