Well, well, well, what do we have here? It seems the top US-based crypto exchange platform, Coinbase, has decided to throw a little DeFi love into the mix. 🌟
In a surprise announcement, Coinbase is now welcoming Sky (SKY), formerly known as MakerDAO, and its associated stablecoin USDS (USDS) into its digital asset family. 🎉
“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.”
Now, you might be thinking, “Wow, this must be making SKY and USDS skyrocket, right?” Not so fast, my friend. SKY is currently trading at a modest $0.0836, with a 3% gain over the last 24 hours. USDS, on the other hand, is holding steady at the value of the US dollar, as stablecoins do. 🤷‍♀️
According to the crypto analytics firm Messari, MakerDao made a bold move in August 2024, rebranding to Sky and replacing its governance token MKR with SKY and its dollar-pegged digital asset DAI with USDS. 🔄
Messari explains that this rebranding is part of the development team’s “endgame” strategy, aimed at promoting growth and accessibility within the DeFi ecosystem and creating 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…”
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2025-07-12 01:21