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DeFi lending platform Sky is mulling a return to its previous name, Maker. Sky co-founder Rune Christensen encouraged discussions regarding the name change, or other potential changes after feedback from the community highlighted confusion over the new brand. Christensen praised the successful launch of Sky’s USDS stablecoin, but admitted the Maker brand remained popular within the DeFi community. He proposed three possible solutions: retaining Sky, reverting to Maker, or further reinventing the Maker brand to align with USDS. The decision will be informed by a community call and a governance poll.

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Sky, the decentralized finance lending outfit, is considering changing its name back to its original moniker, Maker. This comes after the community expressed misgivings and confusion over the rebranding that took place since August.

Rune Christensen, a co-founder of Sky, posted a proposal on the company’s governance forum on October 21, hoping to spark discussion about reverting to the Maker brand.

Christensen pointed out the recent successful launch of Sky’s digital currency, the USDS decentralized stablecoin, and the introduction of the Sky protocol as key wins since the name change from Maker in late August. However, some users are unclear about the role of the new Sky token and miss the Maker brand. Christensen himself admits that the Maker brand is much beloved and trusted in the DeFi community.

“The community definitely has a soft spot for the Maker brand and all it represents – stability, safety, and DeFi’s vast scope,” he said. “We’re also seeing a ton of support for holding onto the MKR token instead of upgrading to Sky.”

To sort out this dilemma, Christensen has suggested three potential solutions: they could stick with the Sky brand to harness its recent momentum, go back to the Maker brand and MKR token, or reinvent the Maker image in a way that resonates with the USDS.

The next steps will include getting feedback from the community on a call slated for October 25, and a governance poll on November 4 to make a call on the future fate of the Maker brand and how its tokenomics should be structured.

When Maker was renamed Sky in August, most of the buzz centered on the platform’s new virtual currency, the USDS. But there was controversy over a “freeze function,” which led to doubts around its decentralization.

Since the name change in late August, the value of Maker’s old governance token, MKR, has taken a 45% tumble despite a conversion rate of 1 MKR to 24,000 Sky tokens. Meanwhile, MKR is trading down a further 3.5% at $1,178, the lowest it’s been since September 2023.

Source: Cointelegraph