In today’s article we are going to take a look at some of the three biggest and most defining rebrands of this year in crypto. Some that already took place and others that are still bound to happen. What does rebranding mean and why could it be beneficial for everyone involved?
What is a Rebrand in Crypto?
Rebrands in crypto are often undertaken to refresh the project’s appeal, differentiate it from competitors, or reflect significant changes in the project’s scope, such as new partnerships, expanded functionalities, or shifts in market focus.
Rebranding in crypto often goes hand in hand with token migration for several reasons:
- If a project decides to move its operations to a new blockchain or upgrade its existing blockchain, it might require creating a new token on the new or updated chain.
- Rebranding alongside such token migrations helps clarify the project’s compliance and renewed commitment to legal and security standards.
- If a project has suffered from security breaches or market sell-offs, rebranding can serve as part of a strategy to revive the project’s image and start with a clean slate.
Rebrand of Merit Circle to Beam
To start our discussion of rebrands today, we’ll discuss the rebrand of web3 gaming guild Merit Circle, that upgrades so to speak with their own network called Beam.
Paired with a token swap, where the gaming hub transitioned from Merit Circle (MC) to Beam (BEAM) and where the BEAM token will serve as a Layer-1 token on Beam networks, and a governance tool for certain smart contracts as well as the smooth operation of the DAO treasury.
What is the Conversion Rate from $MC to $BEAM?
The conversion, that has to be done before October 26, 2024, would be at a rate of 1:100, meaning every $MC you convert would have given you 100 $BEAM tokens.
Future Prospects Beam
As Beam is a subnet that focuses on gaming, and operates as an independent sovereign network, all while being a giga investor in promising web3 games, it will be a matter of time before both gamers and game developers find their way to the platform that simplifies the deployment of games on-chain and successful projects will be built on Beam.
The evolution from MC to Beam is more than just a rebranding; it is a strategic shift that anticipates future market trends and positions Merit Circle to play a significant role in the blockchain and gaming industries. Learn more about Beam here.
https://medium.com/@meritcircle/beam-token-migration-tutorial-and-faq-3f72cecf09d2
Rebrand of MakerDAO to Sky
The second in line is the rebrand from MakerDAO to Sky, a new brand that was designed to make the protocol more approachable and user-friendly, where some of the previous complexities that were associated with MakerDAO are solved.
With the announcement of the rebrand on August 27 and the debut of a new website,
sky.money that will serve as the new front-end interface for the Sky protocol that kickstarted from September 18.
On the same date, the platform that was among the pioneers of decentralized finance last bull run also came up with the idea of a new token accompanying the new brand.
What is the Conversion Rate from $MKR to $SKY?
By transitioning from MKR to SKY at a conversion rate of 1:24,000, the Sky protocol aimed to democratize access and with it, it increased the supply of SKY tokens and improves the ability for anyone who previously could only afford fractions of a token, if only for the mental aspect of it all.
With key features of the upgrade, new native token rewards, whereby holders of their own stablecoin USDS can earn rewards in SKY, the new governance token.
Rune Christensen, the co-founder of MakerDAO, emphasized that the Sky Protocol remains decentralized, community-governed, permissionless, and non-custodial. Users retain the ability to withdraw their funds at any time. He also noted, “You can’t ultimately have a single legal entity representing a decentralized system. It’s just not possible.”
For those who opt not to upgrade, DAI and MKR will continue to exist as legacy tokens under the newly named Sky protocol, but volumes are expected to decline, of course.
Rebrand of Fantom to Sonic Labs
As the third rebrand of 2024, with the first steps being taken on August 1, 2024, we saw the pivot from Fantom to Sonic Labs, which was previously known as the Fantom Foundation. A new rebranding that means also the introduction of the Sonic blockchain, a layer-1 blockchain featuring a layer-2 bridge to Ethereum that replaces their Opera chain.
With this new blockchain, it provides one block finality and aims to dramatically increase transaction processing capabilities, targeting over 180 million transactions daily and handling over 10,000 transactions per second. A significant shift from its predecessor, the Opera chain, which launched in December 2019 and processed 200 transactions per second (TPS).
It also includes an extensive incentive program aimed at fostering the growth of decentralized applications on its platform. At launch, projects like Equalizer, a yield-bearing protocol, will be operational on Sonic, promising sustainable yield opportunities.
The anticipated launch of the Sonic blockchain is slated for the fourth quarter of the year, with a projected rollout in either November or December. This launch will introduce the S token.
What is the Conversion Rate from $FTM to $S?
For existing FTM token holders, there will be a direct 1:1 conversion available to switch to the $S token upon the launch of the Sonic blockchain, not to be confused with Sonic the Hedgehog.
The $S token serves multiple roles within the Sonic Network as it is used for transaction fees, staking, running validator nodes, and participating in governance decisions.
Sonic Airdrop
Sonic plans an ambitious airdrop of 190 million $S tokens to incentivize participation on both the existing Opera chain and the new Sonic blockchain. An initiative that includes two major components: Sonic Gems (points delegated by the foundation) and the Sonic Boom Bounty program.
The Sonic program evaluates applications based on concept originality, execution quality, and potential impact. Projects must demonstrate innovation, practical utility, and sustainable influence on the community or market.
Applications must first launch on the Sonic testnet with an interactive frontend and then deploy on the mainnet within seven days of its activation. Key dates include a program launch on August 20, a submission deadline on November 1, an evaluation period from October 31 to November 3, and winner announcements on November 4.
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