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Renowned Decentralized Finance protocol brand rebranding: Analyzing its significant transformations and impacts
A DeFi lending protocol on Ethereum, created in 2014, recently announced a major brand upgrade. This protocol has a large user base and high recognition in the cryptocurrency field, and its stablecoin currently ranks third in the market, behind USDT and USDC, with a market capitalization of $5.36 billion.
On August 27, the protocol announced a brand redesign and made significant upgrades to its governance token and stablecoin. Specifically, the original governance token will be upgraded to the new governance token SKY, while the original stablecoin will be upgraded to the new stablecoin USDS (Sky Dollar).
Significant changes brought about by brand reshaping
Governance Token Upgrade
Each existing governance token can be exchanged for 24,000 SKY tokens. This ratio is fixed, which means that existing token holders will receive after the conversion.