MakerDAO Rebrands as Sky Ahead of USDS Stablecoin Launch

MakerDAO Rebrands as Sky Ahead of USDS Stablecoin Launch

MakerDAO has rebranded to "Sky" and will introduce upgradeable tokens, set to launch on September 18, allowing DAI holders to convert to the new stablecoin, Sky Dollar (USDS), at a 1:1 ratio, and MKR holders to swap for SKY at a 1:24,000 ratio. The Sky Protocol will distribute 600 million SKY tokens annually to USDS holders participating in the ecosystem.

These changes are part of the "Endgame" plan aimed at broadening governance participation by enabling more users to hold significant amounts of SKY tokens. In addition, MakerDAO’s SubDAOs have been rebranded as Stars, with Spark becoming the first Sky Star, while the original DAI and MKR tokens will remain active for users who prefer the existing ecosystem.

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The Ethereum Foundation Discloses 2023 Spendings

In response to community concerns, the Ethereum Foundation disclosed its 2023 spending, revealing that 36.5% of the budget was allocated to "new institutions" designed to strengthen the Ethereum ecosystem, while Layer-1 research and development accounted for 24.9%. Community development efforts, which included funding for Devcon accounted for 12.7% of the EF's 2023 spending.

This spending included grants to external teams and projects like Go-Ethereum (Geth) and Solidity, alongside community development and zero-knowledge research initiatives. The remaining funds were distributed across internal operations, Layer 2 research, and developer platforms, showcasing the foundation's commitment to fostering a sustainable and innovative network.

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Sony's Soneium Layer 2 Launches Minato Testnet

Sony’s blockchain subsidiary has launched the "Minato" testnet for its Ethereum Layer-2 blockchain, Soneium, accompanied by an incubation program designed to attract and support developers. This initiative, following a joint venture with Web3 infrastructure provider Startale, aims to drive blockchain adoption by offering a development environment that mirrors mainnet conditions.

Minato’s testnet environment is designed to handle high transaction volumes, mirroring real-world conditions. Astar Network will support the testnet with initial liquidity and digital assets, while the Soneium Spark program will provide developers with infrastructure, mentorship, and the potential for investment, enhancing Sony's influence in the blockchain space.

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Aave to Integrate GHO Modile into BlackRock's BUIDL

Aave Labs has introduced a proposal to update its GHO Stability Module (GSM) by integrating BlackRock’s tokenized fund, BUIDL, to enhance the management of its GHO stablecoin system. The proposal outlines a mechanism for 1:1 fixed-ratio swaps between USDC and GHO, with leftover USDC used to mint BUIDL shares, potentially offering users monthly dividends and better capital efficiency.

If implemented, this integration could open up new yield opportunities for Aave DAO and deepen its strategic partnership with BlackRock, aligning DeFi more closely with traditional financial assets. The GSM update proposal also suggests utilizing swap fees to accumulate GHO, potentially increasing the stablecoin’s liquidity and stability.

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Data of the Day

Tokenized treasury products have seen their market capitalization rise 150% this year, reaching $1.1 billion, with projections to hit $3 billion by 2024's end. Leading offerings include BlackRock’s USD Institutional Digital Liquidity Fund with $509 million and Franklin OnChain US Government Money Fund at $428 million.

Ondo’s USDY, with $364 million in total value locked, is available across eight blockchains, including Ethereum and Solana. Ondo also offers OUSD, further expanding its market presence. The tokenized real-world assets market, valued at $30 trillion globally, is seeing increased activity on platforms like Arbitrum, where Franklin Templeton is expanding its offerings.

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More Breaking News

• Cryptocurrencies erased weekend gains, with Bitcoin falling below $59,000 and Ethereum dropping nearly 10%, triggering $313 million in leveraged liquidations.
• Celsius has repaid two-thirds of its eligible creditors, returning approximately $2.53 billion as part of its bankruptcy proceedings, a 84% of the total assets owed.
• Over 300,000 Telegram users have signed a letter via a mini-app supporting the release of the platform's CEO, Pavel Durov, who was recently detained in France.
• Nasdaq has filed with the SEC to list and trade Bitcoin index options, potentially making them the first crypto derivatives approved in the US.
• Donald Trump has launched a new collection of NFT digital trading cards, offering high-end buyers exclusive perks like a dinner at his Florida golf club.
• Robinhood Wallet has added Solana token functionality for swaps and transfers, though SOL remains delisted for American users on the exchange.

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