Introduction:
MakerDAO is a decentralized autonomous organization (DAO) that operates the Maker Protocol, a system enabling users to generate the Dai stablecoin against crypto collateral assets.
MakerDAO protocol utilizes a two-token system:
- Dai (DAI): A collateral-backed stablecoin designed to maintain a stable value, offering stability within the cryptocurrency ecosystem.
- Maker (MKR): A governance token that allows holders to participate in the decision-making processes of the Maker Protocol. MKR holders are responsible for maintaining the system and managing Dai, ensuring the protocol’s stability and efficiency.
Image Source: MakerDAO Homepage
What you should Know About MakerDAO Rebranding to Sky
In September 2024, MakerDAO announced a rebranding initiative, adopting the name “Sky“ to reflect its evolution and broader vision. This rebranding introduced new tokens:
- Sky (SKY): The new governance token, replacing MKR, to represent the community’s decision-making power.
- USDS: The rebranded stablecoin, formerly known as Dai, maintaining its core function of providing stability in the crypto market.
Despite the rebranding, many exchanges, including Gate.com, continue to maintain the governance token under its original ticker, MKR, to ensure consistency and avoid confusion among traders.
Image Source: MakerDAO (SKY) Protocol Page
Key Features of the Sky Protocol (MakerDAO)
- Sky.money Platform: A non-custodial gateway to the Sky Protocol, Sky.money allows eligible users to access various features without intermediaries. Through this platform, users can trade popular tokens, upgrade existing tokens to their Sky counterparts, and manage their assets securely.
- Sky Tokens: The protocol introduces new tokens, including USDS (the stablecoin) and SKY (the governance token), replacing the former DAI and MKR tokens, respectively. These tokens are integral to participating in the Sky ecosystem’s governance and reward mechanisms.
- Sky Savings Rate (SSR): Users can supply USDS to the SSR module to accumulate additional USDS over time. This feature offers a decentralized savings mechanism, allowing users to earn rewards without relinquishing control of their assets.
- Sky Token Rewards (STRs): By supplying USDS to the Sky Token Rewards module, users can earn STRs over time. The rewards are calculated based on the user’s share of the total USDS pool, providing an incentive for active participation in the ecosystem.
- Governance Participation: The Sky ecosystem emphasizes community involvement through a transparent on-chain voting process. Holders of SKY and MKR tokens can participate in governance decisions, influencing the protocol’s direction and development.
Image Source: Sky.Money Features Page
How To Buy $MKR on Gate.com
Despite the rebranding to Sky, the $MKR ticker remains in use on exchanges like Gate.com, ensuring continuity for traders. Gate.com offers both spot and futures trading options for MKR tokens.
MKR Spot Trading
Spot trading involves the immediate purchase or sale of $MKR tokens at current market prices. To engage in spot trading on Gate.com
Account Registration: Create an account on Gate.com by providing your email and setting a secure password.
Identity Verification: Complete the Know Your Customer (KYC) process to comply with regulations and enhance account security.
Deposit Funds: Add funds to your account using available methods such as bank transfers or cryptocurrency deposits.
Navigate to MKR/USDT Pair: Access the MKR/USDT trading pair on Gate.com’s trading platform.
Place an Order: Decide on the amount of MKR you wish to purchase and execute a buy order at your chosen price point.
Image Source: MKR Spot Trading Page
Conclusion
Despite MakerDAO’s rebranding to Sky and the introduction of the SKY and USDS tokens, the MKR ticker remains in use on exchanges like Gate.com. This continuity ensures traders can seamlessly buy, sell, and trade MKR tokens through both spot and futures markets on the platform. As always, it’s crucial to conduct thorough research and understand the risks involved before engaging in cryptocurrency trading.
