Two DeFi altcoins have recently received support from leading US-based crypto exchange Coinbase.
Coinbase has announced the addition of Sky (SKY), formerly known as MakerDAO, and its stablecoin USDS to its range of digital asset offerings.
“Sky (SKY) and USDS (USDS) are now available on Coinbase.com and the Coinbase mobile apps. Customers can easily buy, sell, convert, send, receive, or store these assets.”
Despite the news, the tokens’ prices have seen minimal impact, with SKY trading at $0.0836, showing a 3% increase in the last 24 hours, while USDS remains stable against the US dollar.
According to Messari, MakerDAO rebranded to Sky in August 2024, replacing MKR with SKY and DAI with USDS, as part of their strategy to enhance growth and accessibility in the DeFi ecosystem and establish connections with traditional finance.
“The rebranding aims to attract a wider audience beyond the crypto community, signaling a move towards traditional finance and potentially boosting adoption. Overall, the rebranding to Sky is a strategic step in Maker’s Endgame Plan to advance DeFi growth and resilience, despite facing challenges in community acceptance and brand identity.”
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Featured Image: Shutterstock/Agor2012/LongQuattro
