Sky, previously known as MakerDAO, is a major player in the DeFi (Decentralized Finance) space. Recently, it announced plans to gradually remove wrapped Bitcoin (wBTC) from its collateral assets due to concerns related to its association with Tron founder Justin Sun. This decision is significant as wBTC plays a critical role in DeFi lending, with over $200 million in loans collateralized by the token on Sky's platform.
Sky's governance token has also rebranded from MKR to SKY, making the token more accessible by offering a 1:24,000 conversion ratio, which aims to attract more participants. This change is part of a broader strategy to evolve its decentralized stablecoin ecosystem and improve accessibility for a wider audience.
