As a long-time observer of the DeFi space, I find myself both intrigued and somewhat dismayed by the recent governance vote regarding Sky’s rebranding back to Maker. On one hand, it’s fascinating to witness the power dynamics within these communities, particularly when a handful of whales can sway the outcome of such significant decisions.
A governance proposal to rebrand decentralized finance lending and borrowing protocol Sky back to Maker has been rejected in a vote dominated by a handful of whales.
The DeFi team announced in a recent post on X that the Sky ecosystem’s on-chain voting resulted in a decision to keep using the Sky brand as the main backbone for the entire system.
The statement also mentions that this decision reinforces the shift from MKR to SKY, making SKY the primary brand moving forward.
On November 4th, a governance vote took place and has since been finalized. The winning choice was to maintain the “Sky” brand as the backend protocol’s identity, which received a strong approval of 79%, promising 63,874 MKR.
Approximately 1 out of every 5 voters supported repositioning the Maker brand by committing a total of 14,864 MKR tokens towards a partial brand update.
In contrast, only four whales held the majority of the voting power, accounting for a combined 62,452 MKR or 98% of the total votes in favor of staying with Sky. On the other hand, a single whale pledged nearly all of their MKR tokens to support the option aimed at repositioning the Maker brand.
In October, there was talk among Sky community members about returning to their original Maker name due to confusion and negative responses following August’s rebrand. Back then, one of the co-founders, Rune Christensen, initiated a conversation on the platform’s governance forum, suggesting a way to “refocus” or “realign” the Maker brand. He presented three potential solutions during this discussion.
Just a few days ago, prior to the conclusion of the vote, Framework Ventures’ co-founder, Vance Spencer, stated that Sky hadn’t gotten its official start yet.
The MKR token isn’t listed on any significant trading platforms, such as CoinGecko. They didn’t transfer the MKR market capitalization to SKY, and the rebranding occurred around the same time that a major fund sold their MKR holdings and there was a broader market downturn,” he noted, further explaining:
“Going with SKY – I think there is a ton of value to be unearthed by following the Endgame roadmap, but there are things that should be altered and lessons learned.”
As an analyst, I’ve noticed a significant shift in MKR prices following its rebrand in late August. The price plummeted nearly 50%, reaching a low of $1,100 on November 6. However, since then, it has shown signs of recovery, peaking at over $1,600 during late trading on November 7, before dipping to $1,476 as I write this.
According to a proposal put forth by Christensen on November 4, the rebound occurred after a strict plan aimed at stopping token emissions and reducing the overall supply was implemented, in order to slow down the circulation of tokens.
Read More
- FLOKI PREDICTION. FLOKI cryptocurrency
- CAKE PREDICTION. CAKE cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- DMTR PREDICTION. DMTR cryptocurrency
- OM PREDICTION. OM cryptocurrency
- API3 PREDICTION. API3 cryptocurrency
- TRAC PREDICTION. TRAC cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- Dandadan Shares First Look at Season Finale: Watch
2024-11-08 08:35