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    Sky retains its name after a vote heavily influenced by top investors despite initial backlash and dip in Maker’s price

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    Sky, a DeFi lending and borrowing platform, decided to retain its name following a vote in which the majority of voters favoured keeping the name. The decision was reportedly dominated by a few key investors who together accounted for 98% of the total votes. The brand originally called ‘Maker’ changed to ‘Sky’ in August, sparking some backlash, and a proposal to return to the old name was put forward in October. Despite the name change initially causing a significant dip in Maker’s price, it has since been recovering.

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    So, Sky, a decentralized finance lending and borrowing platform, recently had a vote on whether to go back to their old name ‘Maker’. However, the vote was dominated largely by a select few major investors – or ‘whales’ in crypto lingo – and the decision to keep the current name was preferred.

    Here’s the story: Sky decided to keep its name as the main protocol of their framework after a vote on November 8. They believe this decision supports the transition from MKR to SKY and solidifies Sky as the main brand.

    The vote took place on November 4 and the preference to keep Sky won the day with 79% of the votes. Interestingly, only four hefty investors contributed most of the votes in favor of Sky, holding a massive 98% of the total votes.

    Previously, in October, the Sky community had thought about changing back to Maker due to smidge of confusion and backlash over their rebrand in August. At the time, Rune Christensen, one of the founders of Sky, proposed a poll in their forum to discuss going back to the old branding.

    Just before the decision was made, Vance Spencer, co-founder of Framework Ventures, mentioned that Sky had not really had a chance to show its full potential. He also highlighted some challenges in that Sky is not supported by any major exchanges and CoinGecko didn’t switch MKR’s market cap to Sky. Despite these, he believes that there are valuable opportunities in sticking with Sky.

    After the rebrand in August, Maker’s prices did dip quite a bit, almost by 50%. It hit rock bottom at $1,100 on Nov. 6, but it has been climbing up ever since, reaching $1,600 late on Nov. 7 before settling at $1,476. The bounce back came after the proposal from Christensen on November 4 to stop token emissions and decrease total supply.

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