儘管 AI 延遲，MakerDAO 仍瞄準穩定幣桂冠

Sky 創始人 Rune Christensen 表示，他在推動品牌重塑時犯了“典型的 DeFi 錯誤”，導致這位傳奇的穩定幣發行商放棄了 Maker 名稱

Maker founder Rune Christensen has proposed ditching the Sky brand and returning to Maker, in a stunning about-face after the stablecoin issuer’s rebrand.

Maker 創辦人 Rune Christensen 提議放棄 Sky 品牌並回歸 Maker，這在穩定幣發行人品牌重塑後發生了驚人的轉變。

In April, Maker announced plans to rebrand as Sky and introduce new tokens and yield-earning strategies.

4 月份，Maker 宣布計劃更名為 Sky，並推出新的代幣和收益策略。

The overhaul was designed to take decentralized finance mainstream by introducing a cohesive, user-friendly brand, new tokens, and new ways to earn yield.

這項改革旨在透過引入有凝聚力、用戶友好的品牌、新代幣和賺取收益的新方式，使去中心化金融成為主流。

While its new USDS stablecoin is already one of the largest, with a market value over $1.1 billion, its governance tokens have lost almost half their combined value.

雖然其新的 USDS 穩定幣已經是最大的穩定幣之一，市值超過 11 億美元，但其治理代幣的總價值已損失了近一半。

On Monday, Christensen proposed to ditch the Sky brand and return to Maker. On Tuesday, he hopped on a live forum on X to celebrate what the effort accomplished and to contemplate where it went wrong.

週一，克里斯滕森提議放棄 Sky 品牌，回到 Maker。週二，他跳上了 X 的現場論壇，慶祝這項努力所取得的成就，並思考其中的問題所在。

‘Typical DeFi mistake’

“典型的 DeFi 錯誤”

Christensen began his X forum appearance by reflecting on the Maker rebrand, which he said he pushed through after making a “typical DeFi mistake.”

克里斯滕森在 X 論壇上的亮相一開始就對 Maker 品牌重塑進行了反思，他說他是在犯了“典型的 DeFi 錯誤”後才推動了這一品牌重塑。

“I totally underestimated how important centralized exchanges are nowadays,” he said.

「我完全低估了當今中心化交易所的重要性，」他說。

When Maker announced plans to rebrand in 2022, Christensen said he assumed the new governance token would be listed on major centralized exchanges like Coinbase and Binance.

當 Maker 宣布 2022 年品牌重塑計畫時，克里斯滕森表示，他假設新的治理代幣將在 Coinbase 和 Binance 等主要中心化交易所上市。

“That just didn’t happen,” he said. “I totally underestimated how important centralized exchanges are nowadays.”

“那隻是沒有發生，”他說。 “我完全低估瞭如今中心化交易所的重要性。”

Maker was confusing, Christensen argued since he first proposed the overhaul in 2022. Control of the protocol belongs to people who own its governance token, Maker. But its purpose is to mint a dollar-pegged stablecoin, DAI.

自 2022 年首次提出改革以來，Christensen 一直認為 Maker 很令人困惑。但其目的是鑄造一種與美元掛鉤的穩定幣 DAI。

While both were well-known to crypto die-hards, regular people might not know that the governance token and the stablecoin were related, he said. Some might not even know DAI was a stablecoin designed to always hold a value of $1 — after all, most have “USD” in their name.

他說，雖然兩者都是加密頑固分子所熟知的，但一般人可能不知道治理代幣和穩定幣是相關的。有些人甚至可能不知道 DAI 是一種穩定幣，其設計目的是始終保持 1 美元的價值——畢竟，大多數人的名字中都帶有“USD”。

Even though DAI had long been the largest decentralized stablecoin — an alternative to those that can be frozen or seized by their issuers — its supply had stalled at about $5 billion amid intense competition from centralized incumbents run by Tether and Circle, as well as newcomers from Ethena and PayPal.

儘管DAI 長期以來一直是最大的去中心化穩定幣（可以被發行人凍結或扣押的穩定幣的替代品），但由於來自Tether 和Circle 運營的中心化現有穩定幣以及新來者的激烈競爭，其供應量一直停滯在50 億美元左右。

The rebrand was part of a much larger overhaul, dubbed Endgame. In addition to taking DeFi mainstream, Endgame was meant to boost participation in MakerDAO, the cooperative that ran the Maker protocol.

這次品牌重塑是一項名為「終局之戰」的更大規模改革的一部分。除了使 DeFi 成為主流之外，Endgame 還旨在提高 MakerDAO（運行 Maker 協議的合作社）的參與度。

After contentious debates, a developer exodus, and some two years of work that cost about $5 million, according to one estimate, Maker announced in August it had become Sky. Holders of Maker and DAI could convert those tokens to Sky and USDS tokens, respectively.

根據一項估計，經過一番有爭議的辯論、一名開發人員外流以及花費約 500 萬美元的兩年工作時間，Maker 在 8 月宣布更名為 Sky。 Maker 和 DAI 的持有者可以將這些代幣分別轉換為 Sky 和 ​​UDS 代幣。

There were other changes, and Christensen said they aren’t going anywhere.

還有其他一些變化，克里斯滕森說他們不會去任何地方。

“Sky Launch wasn’t a rebrand, it was a huge amount of features,” he wrote on X Wednesday.

「Sky Launch 並不是一個品牌重塑，而是一個大量的功能，」他在周三的 X 上寫道。

The mixed results

好壞參半的結果

The results have been mixed.

結果好壞參半。

While USDS has a market value over $1.1 billion, Sky’s is below $60 million, a lacklustre debut for a token designed for mass appeal.

雖然 USDS 的市值超過 11 億美元，但 Sky 的市值還不到 6,000 萬美元，對於一個旨在吸引大眾的代幣而言，其首次亮相表現平平。

Maker, meanwhile, has taken a massive hit, its value falling almost 50% to $1,200 since the rebrand was unveiled.

與此同時，Maker 遭受了巨大打擊，自品牌重塑公佈以來，其價值下跌了近 50%，至 1,200 美元。

Christensen said the quick growth of USDS has been “momentous,” in part because it wasn’t necessarily “cannibalising the DAI demand.”

Christensen 表示，USDS 的快速成長是“重大的”，部分原因是它不一定“蠶食 DAI 的需求”。

“This is actually net new demand, resulting in total inflows into the system of something like six to $700 million,” he said.

「這實際上是淨新需求，導致系統總資金流入約為 6 至 7 億美元，」他說。

“A lot of people are going to enjoy dunking on me,” he said of his about-face. “But ultimately, … the purpose of the rebrand was to try to tap into new users and create net new demand. And that clearly succeeded.”

「很多人都會喜歡在我身上灌籃，」他談到自己的轉變時說道。 「但最終，…品牌重塑的目的是試圖吸引新用戶並創造新的淨需求。這顯然成功了。

But the SKY token bombed.

但 SKY 代幣遭到轟炸。

“I thought that if you do a redenomination, and it has a cool ticker and all that, … that would appeal to a new group of potential users,” Christensen said. “And clearly that didn’t work out at all.”

克里斯滕森說：“我認為，如果你重新命名，並且它有一個很酷的股票代碼等等，......這將吸引一群新的潛在用戶。” “顯然這根本行不通。”

Meanwhile, users were confused by a protocol that now featured four separate tokens — Maker, Sky, DAI, and USDS — with overlapping functions.

同時，用戶對一種協議感到困惑，該協議現在具有四個獨立的代幣——Maker、Sky、DAI 和 USDS——且功能重疊。

Two choices

兩種選擇

Christensen said he will create a poll by the end of the week asking people to choose between two potential fixes.

克里斯滕森表示，他將在本週末進行一項民意調查，要求人們在兩種可能的解決方案中進行選擇。

The first is a return to the Maker brand featuring “extremely, extremely light touch” changes “like improving the font and making some changes to the colouring.”

第一個是回歸 Maker 品牌，以「極其、極其輕柔的觸感」為特色，「例如改進字體並對顏色進行一些改變」。

The second is to “go full classic” and undo the rebrand entirely.

第二個是「走完全經典」並完全撤銷品牌重塑。

“Really all it changes is that it goes from Sky - formerly Maker,” he wrote Wednesday, “to Sky - powered by Maker.”

“真正發生的變化是，它從以前的 Maker 的 Sky 變成了由 Maker 提供支援的 Sky。”

As for Sky, it could become a “spin off front end that just kind of lives on its own,” or a so-called subDAO, like Sky’s in-house lending protocol, Spark.

至於 Sky，它可能會成為一個“獨立存在的前端”，或者所謂的 subDAO，就像 Sky 的內部借貸協議 Spark 一樣。

Vance Spencer, co-founder of crypto

萬斯·斯賓塞（Vance Spencer），加密貨幣聯合創始人