Two decentralized finance (DeFi) altcoins have abruptly gained support from the top US-based crypto exchange platform Coinbase.
In a new announcement, Coinbase says it’s adding Sky (SKY), formerly known as MakerDAO, as well as its associated stablecoin USDS (USDS), to its suite of digital asset products.
“Sky (SKY) and USDS (USDS) are now live on Coinbase.com and in the Coinbase iOS & Android apps. Coinbase customers can log in to buy, sell, convert, send, receive or store these assets.”
News of the additions had little impact on the tokens, as SKY is trading for $0.0836 at time of writing, a 3% gain during the last 24 hours, while USDS has remained pegged to the value of the US dollar.
According to the crypto analytics firm Messari, MakerDao first rebranded to Sky in August 2024, replacing its governance token MKR with SKY and its dollar-pegged digital asset DAI with USDS.
Messari says that the rebrand was a part of the development team’s “endgame” strategy, which is a plan to promote growth and accessibility within the DeFi ecosystem as well as create bridges to traditional finance.
“The rebranding is intended to appeal to a broader audience beyond the crypto-native community, signaling a shift towards traditional finance and potentially increasing adoption…
Overall, the rebranding to Sky is a strategic move within Maker’s Endgame Plan to enhance DeFi growth, accessibility, and resilience, although it faces challenges in community acceptance and brand identity.”
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Featured Image: Shutterstock/Agor2012/LongQuattro
