Coinbase, a major US cryptocurrency exchange, has added support for two decentralized finance (DeFi) tokens: SKY and USDS.
Coinbase Adds SKY and USDS
The exchange announced that users can now buy, sell, and trade SKY and USDS on its website and mobile apps. SKY, formerly known as MakerDAO’s MKR, and its stablecoin USDS, are now available. The price of SKY saw a slight 3% increase in the 24 hours following the announcement, trading around $0.0836. USDS, designed to maintain a 1:1 peg with the US dollar, remained stable.
MakerDAO’s Rebranding and Endgame Strategy
According to Messari, a crypto analytics firm, the rebranding from MakerDAO to Sky is part of a larger “endgame” strategy. This strategy aims to boost growth and accessibility within the DeFi space and build bridges to traditional finance. The rebranding is intended to attract a wider audience beyond just cryptocurrency enthusiasts. However, the rebranding faces challenges in terms of community acceptance and establishing a strong new brand identity.
Disclaimer: This information is for general knowledge only and is not financial advice. Always do your own research before investing in cryptocurrencies. Investing in crypto carries significant risk.
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