According to Cointelegraph, a governance proposal to revert the decentralized finance protocol Sky back to its original Maker branding was rejected in a recent vote. The decision was heavily influenced by a small number of influential voters, often referred to as 'whales.' The Sky ecosystem governance team announced on November 8 that the on-chain vote concluded with the decision to maintain the Sky brand as the primary backend protocol of the ecosystem. This outcome supports the ongoing transition from MKR to SKY, establishing Sky as the core brand.
The governance vote, held on November 4, resulted in 79% of participants favoring the continuation of the Sky brand, with 63,874 MKR tokens pledged. In contrast, only 18.5% supported a limited brand refresh to recenter the Maker brand, with 14,864 MKR tokens pledged. Notably, four whales accounted for the majority of the voting power, collectively pledging 62,452 MKR tokens, or 98% of the total, in favor of retaining the Sky brand. Meanwhile, one whale pledged nearly all MKR tokens for the option to revert to the Maker brand.
In October, the Sky community considered reverting to its original Maker name due to confusion and negative feedback following its rebranding in August. Protocol co-founder Rune Christensen initiated a discussion on the platform’s governance forum to explore the possibility of recentering the Maker brand, proposing three options at the time. Before the vote concluded, Framework Ventures co-founder Vance Spencer commented that SKY had not yet had the opportunity to launch effectively, citing a lack of support on major exchanges and the timing of the rebrand coinciding with a significant market pullback.
Since the rebrand in late August, MKR prices have experienced significant volatility, dropping nearly 50% to a low of $1,100 on November 6. However, prices rebounded, reaching $1,600 in late trading on November 7 before settling at $1,476 at the time of writing. This rebound followed a proposal from Christensen on November 4 for 'strictly deflationary tokenomics' aimed at halting token emissions and reducing the total supply. The decision to maintain the Sky brand reflects the community's commitment to the Endgame roadmap, despite the challenges faced during the rebranding process.
