尽管 AI 延迟，MakerDAO 仍瞄准稳定币桂冠

Sky 创始人 Rune Christensen 表示，他在推动品牌重塑时犯了“典型的 DeFi 错误”，导致这家传奇的稳定币发行商放弃了 Maker 名称

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 创始人 Rune Christensen 提议放弃 Sky 品牌并回归 Maker，这在稳定币发行人品牌重塑后发生了惊人的转变。

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

4 月份，Maker 宣布计划更名为 Sky，并推出新的代币和收益策略。

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

此次改革旨在通过引入有凝聚力、用户友好的品牌、新代币和赚取收益的新方式，使去中心化金融成为主流。

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.

虽然其新的 USDS 稳定币已经是最大的稳定币之一，市值超过 11 亿美元，但其治理代币的总价值已损失了近一半。

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.

周一，克里斯滕森提议放弃 Sky 品牌，回归 Maker。周二，他跳上了 X 的现场论坛，庆祝这一努力所取得的成就，并思考其中的问题所在。

‘Typical DeFi mistake’

“典型的 DeFi 错误”

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 论坛上的亮相一开始就反思了 Maker 的品牌重塑，他说他是在犯了“典型的 DeFi 错误”后才推动了这一品牌重塑。

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

“我完全低估了当今中心化交易所的重要性，”他说。

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.

当 Maker 宣布 2022 年品牌重塑计划时，克里斯滕森表示，他假设新的治理代币将在 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.”

“那只是没有发生，”他说。 “我完全低估了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 年首次提出改革以来，Christensen 一直认为 Maker 很令人困惑。该协议的控制权属于拥有其治理代币 Maker 的人。但其目的是铸造一种与美元挂钩的稳定币 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.

他说，虽然两者都是加密顽固分子所熟知的，但普通人可能不知道治理代币和稳定币是相关的。有些人甚至可能不知道 DAI 是一种稳定币，其设计目的是始终保持 1 美元的价值——毕竟，大多数人的名字中都带有“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.

尽管 DAI 长期以来一直是最大的去中心化稳定币（可以被发行人冻结或扣押的稳定币的替代品），但由于来自 Tether 和 Circle 运营的中心化现有稳定币以及新来者的激烈竞争，其供应量一直停滞在 50 亿美元左右。埃西娜和贝宝。

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.

此次品牌重塑是一项名为“终局之战”的更大规模改革的一部分。除了使 DeFi 成为主流之外，Endgame 还旨在提高 MakerDAO（运行 Maker 协议的合作社）的参与度。

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.

据一项估计，经过一番有争议的辩论、一名开发人员外流以及花费约 500 万美元的两年工作时间，Maker 在 8 月份宣布更名为 Sky。 Maker 和 DAI 的持有者可以将这些代币分别转换为 Sky 和 ​​USDS 代币。

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

还有其他一些变化，克里斯滕森说他们不会去任何地方。

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

“Sky Launch 并不是一个品牌重塑，而是一个大量的功能，”他在周三的 X 上写道。

The mixed results

好坏参半的结果

The results have been mixed.

结果好坏参半。

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.

虽然 USDS 的市值超过 11 亿美元，但 Sky 的市值还不到 6000 万美元，对于一个旨在吸引大众的代币而言，其首次亮相表现平平。

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

与此同时，Maker 遭受了巨大打击，自品牌重塑公布以来，其价值下跌了近 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 的快速增长是“重大的”，部分原因是它不一定“蚕食 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.

“这实际上是净新需求，导致系统总资金流入约为 6 至 7 亿美元，”他说。

“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.”

“很多人都会喜欢在我身上扣篮，”他谈到自己的转变时说道。 “但最终，……品牌重塑的目的是尝试吸引新用户并创造新的净需求。这显然成功了。”

But the SKY token bombed.

但 SKY 代币遭到轰炸。

“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.”

克里斯滕森说：“我认为，如果你重新命名，并且它有一个很酷的股票代码等等，......这将吸引一群新的潜在用户。” “显然这根本行不通。”

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

与此同时，用户对一种协议感到困惑，该协议现在具有四个独立的代币——Maker、Sky、DAI 和 USDS——且功能重叠。

Two choices

两种选择

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，他将在本周末进行一项民意调查，要求人们在两种可能的解决方案中进行选择。

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.”

第一个是回归 Maker 品牌，以“极其、极其轻柔的触感”为特色，“比如改进字体并对颜色进行一些改变”。

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

第二个是“走完全经典”并完全撤销品牌重塑。

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

“真正发生的变化是，它从以前的 Maker 的 Sky 变成了由 Maker 提供支持的 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.

至于 Sky，它可能会成为一个“独立存在的前端”，或者所谓的 subDAO，就像 Sky 的内部借贷协议 Spark 一样。

Vance Spencer, co-founder of crypto

万斯·斯宾塞（Vance Spencer），加密货币联合创始人