TL;DR
- The Sky ecosystem has decided to retain its current branding, rejecting a proposal to revert to its original Maker name, with 79% of participants favoring the “Keep the Sky brand” option.
- The vote was heavily influenced by whale investors, with four accounts controlling 98% of the votes to keep the Sky brand, highlighting the significant influence of these large stakeholders.
- Despite the challenges and market impact since the rebrand, the decision to maintain the Sky brand reflects the community’s commitment to the Endgame roadmap and its future development.
The Sky ecosystem has decided to retain its current branding, rejecting a proposal to revert to its original Maker name. The vote, which concluded on November 4, 2024, was heavily influenced by several whale investors, who collectively controlled the majority of the voting power.
Sky ecosystem governance has concluded an on-chain vote to continue using the Sky brand as the primary backend protocol of the ecosystem.
This decision supports the ongoing transition from MKR to SKY and establishes Sky as the core brand, denoting both the Sky app frontend, and… https://t.co/0smkT4hrCT pic.twitter.com/EwbxsdZ1I8
— Sky (@SkyEcosystem) November 7, 2024
This decision solidifies the ongoing transition from MKR to SKY, establishing Sky as the core brand. The governance vote saw 79% of participants favoring the “Keep the Sky brand” option, with 63,874 MKR tokens pledged in support.
In contrast, only 18.5% of voters supported recentering the Maker brand, pledging 14,864 MKR tokens. Notably, four whale accounts collectively controlled 62,452 MKR tokens, representing 98% of the votes to keep the Sky brand. Almost all the votes in favor of repositioning the Maker brand originated from a single influential investor.
Background and Controversy
The discussion around rebranding began in October, sparked by the confusion and backlash that arose when the protocol transitioned from Maker to Sky in August. Co-founder Rune Christensen initiated a governance discussion to address the issue, proposing three potential paths, including reverting to the Maker name.
Some community members voiced their worries regarding the timing and implementation of the Sky rollout, even after the rebrand was turned down. Framework Ventures co-founder Vance Spencer noted that SKY had not yet gained traction, citing a lack of exchange listings and poor visibility on platforms like CoinGecko.
Market Impact on Sky Ecosystem
Since the August rebrand, the token price dropped nearly 50%, hitting a low of $1,100 on November 6. However, the token rebounded to $1,600 on November 7, following a proposal by Christensen to implement deflationary tokenomics by halting emissions and reducing total supply.
The choice to uphold the Sky brand showcases the community’s dedication to the Endgame roadmap, even in light of the obstacles encountered throughout the rebranding journey.
The outcome of the vote underscores the significant influence of whale investors in the Sky ecosystem’s governance. As the protocol continues to evolve, the community will be closely watching how the retention of the Sky brand impacts its growth and adoption.
