jakiro
Author: REVC, Bitchain Vision
Sky——MakerdaoBrand upgrade
MakerDao has been renamed SKY and will launch new products Sky.money and new Defi applications on September 18.Users can exchange USDS on SKY and get Sky token rewards.Complete registration and participate in related activities, you can get double Sky token rewards.But this upgradeUsers in some judicial jurisdictions (such as the United States) maystillIt is impossible to get the Sky token reward through Sky.Money.
The established MakerDao token DAI and MKR will continue to circulate, and users will be able to freely decide whether to convert it to New Type.The main functions of the new token are as follows:
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Sky: MKR upgraded version for governance of the Sky ecology.
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USDS: DAI’s corresponding stable currency, holding USDS can get Sky token awards.
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After the news was announced, MKR rose more than 4%immediately.But affected by the overall market, MKR is currently falling 8.2%.
MakerDao renamed the deep meaning behind “Sky”
Christensen pointed out in the article “Two opposite paths of harmonious decentralization and stable coins”,Decentralized stablecoins, especially the projects represented by MakerDao, are in a severe regulatory environment.Especially in the United States, regulators have continued to strengthen the supervision of cryptocurrencies.In this context, MakerDao chose to be renamed “Sky”, except that the agreement was expanded to comparable to stable coins such as Tether, or even larger scale.It can also be understood as the following reasons:
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Adapt to changes in regulatory regulatory: The renamed helps MakerDao and the past identity to clear the boundaries, providing greater flexibility for the development of the future in a stricter regulatory environment.
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Simplified brand cognition: The name “Sky” is easier to understand than “MakerDao”, and it is more likely to be accepted by the general public, which helps expand the user group.
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Expanding user foundation: The brand name that is easier to remember, which can attract more users who are not familiar with cryptocurrencies, thereby promoting the popularization of stablecoins.
In addition to renamed, MakerDao is also actively improving in other aspects, such as:
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Optimize smart contracts: improve the security, efficiency and reliability of the system.
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Improve governance mechanism: enhance community participation and improve decision -making efficiency.
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Enhance system scalability: meet the needs of users who are constantly growing in the future.
Stablecoin market analysis
Maker’s Sky upgrade,,Jianfeng pointed out that the stable currency market of 100 billion US dollars,,According to the data provided by the analyst on the duneThe market share of stable currency supported by cryptocurrencies over mortgage(Below1),,,In the cycle of the past year,,Not only did it not increase,,The total supply of DAI is still reduced by near8Dollars(Below2)In the context of low supervision and encryption popularization, the performance of the stabilized currency market supported by cryptocurrencies is also a microcosm of Defi development, and Maker’s change is obviously hoping to break this situation.
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However, although the market share of the stable currency of the over -mortgage of cryptocurrencies is low (Figure 1 below), the circulation rate has a unique advantage, especially the combination of DEFI application scenarios. Since the beginning of this yearThe transaction volume growth is obvious (Figure 2 below).
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MainstreamStable currencyCharacteristiccontrast
Cryptocurrency excess mortgaged stable currency
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Features: The user deposits over -encrypted currency as a mortgage, and the system casts stable coins according to the mortgage rate.This process is usually managed by smart contracts, which has a high degree of transparency and decentralization.In addition, it is not easy to be controlled by a single institution, which is more anti -review.Can be deeply integrated with the DEFI ecosystem to derive more financial products.
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Disadvantages: The price fluctuation of mortgage assets will affect the value of stable currency and may cause liquidation risk.Realization of technology is relatively complicated, and ordinary users may be difficult to understand.Due to its innovation, the regulatory policies are not yet perfect, and they are facing policy risks.
Stable currency supported by fiat currency
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Features: The issuer holds the legal currency reserves (liabilities and net assets) of the equal value of issuance.This process is usually issued and managed by centralized institutions.Due to anchoring the legal currency, the price fluctuates less.Users are easier to accept.It is relatively easier to obtain regulatory permits.
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Disadvantages: issued by centralized institutions, there are regulatory risks and credit risks.The transparency of the reserve proof may not be enough, and users have limited understanding of the reserves.If there is a problem with the issuer, it may cause the risk of extrusion.
USDT and DAI data comparison
According to the report disclosed by the official website of the USDT (Figure 1 below), as of June 30, 2024, Tether’s reserves are mainly composed of cash and cash.This shows a relatively conservative investment strategy designed to maximize the risk and ensure the stability of the Tether token.
The reserve contains a small amount of precious metals and bitcoin, indicating that Tether may be exploring such investment. On the one hand, it is to hedge inflation or market fluctuations.The most important thing is to get the recognition of encrypted aborigines,,Get more encrypted application scenariosEssence
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MakerDao and its stablecoin DAI occupy an important position in the field of decentralized finance (DEFI).Compared with other stablecoins, DAI’s uniqueness is that it does not depend on centralized institutions or fiat currency reserves, but to achieve decentralization through smart contracts and community governance.The stability of DAI comes from the excess cryptocurrency mortgage provided by the user to ensure that the system always maintains its solvency.At the same time, MakerDao uses mechanisms such as stability and DAI savings to dynamically adjust the system to maintain the linked DAI and the US dollar.The most important thing is that the governance of Makerdao is jointly determined by MKR holders, and has a high degree of community participation.
The key to the success of DAI is to provide stable value in the turbulent encryption market and become the basic assets of multiple DEFI applications.Support a variety of mortgages, continuously adapt to market demand, and integrate with many DEFI protocols.Community -driven, transparent decision -making, enhance the toughness and adaptability of the system.It has shown good elasticity in many market fluctuations and won the trust of the market.At present, DAI is also the largest decentralized stablecoin.
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As shown in the figure, the current Spark protocol is the main circulation market of DAI. Spark is a decentralized borrowing agreement built on the MakerDao ecosystem.develop.SPARKLEND supports a variety of loan models, including EMODE and isolation mode.Improve the utilization rate of DAI and expand the application scenario of DAI.The Spark agreement combines MakerDao’s stablecoin DAI with the innovation of the Defi world, providing users with more flexible and efficient financial services.
summary
Sky is a bold attempt by Makerdao to push the agreement to a new stage of development.DAI or USDS can better combine DEFI application scenarios, which is more flexible than USDT and other unique advantages, and decentralized stable currency is more flexible in terms of mortgage support. It can attract more users through the DEFI award mechanism.In competing with stable coins such as Tether, it is expected to compete for greater market share.
At the same time, MakerDao should also treat the problems exposed in supervision carefully. If the freezing function is launched in subsequent upgrading, it will trigger the resistance of the encrypted community.
