Weekly Gauge #75: The Subtle Art of Rebranding
Paladin might renew part of its artistic direction soon. Why ? How ? To what ? These questions should all be answered in due time and through the appropriate channels, nonetheless while studying historical crypto projects rebrandings we learnt a lot, and thought it’d be interesting to dedicate a weekly gauge on that topic.
Let’s explore the nuanced art of rebranding, drawing insights from historical examples and the underlying motivations behind such transformations, and dissect various rebranding methodologies to evaluate their effectiveness in achieving desired outcomes.
So here we are, methodology for various forms of rebranding,
Method 1 aka the price of success
As crypto projects mature and expand, they sometimes outgrow their initial branding. Rebranding in this context is driven by the need to support the project's priorities, align with new strategic directions, or reflect a more sophisticated and evolving ecosystem.
Maker rebranding to Sky follows this trend, aiming to support its growth and ushering a new phase under the Endgame plan. Rune Christensen, Maker's founder, emphasizes that the rebranding is not just cosmetic; it symbolizes a shift toward a more decentralized, immutable governance model that can support sustainable growth. The rebranding introduces new features like the Sky Savings Rate and "Sky Stars" SubDAOs, aiming to incentivize participation and governance to align with Maker's goal.
The rebranding introduces two new assets native of the new Sky ecosystem, and recipient to a migration from the Maker legacy tokens, respectively DAI and MKR toward USDS and SKY (MKR token split) ; but most importantly it allows every Sky Stars SubDAOs to emit their own native token, which is interpreted by some as a risk of dilution to the MKR token value, but described by the founder as a way to build on top of Maker successful track record of creating value in web3.
Method 2 aka the MiB neuralyzer
In the volatile crypto market, projects sometimes face setbacks, failures, or negative events that tarnish their reputation. Rebranding in these scenarios is motivated by the desire to distance the project from past issues and present a fresh start to the community and investors.
Elrond network failed to build a moat during the last cycle and attract enough activity on the chain, the project then rebranded to Multivers X to focus on NFTs right after the NFT market collapsed and lost interest from the retail. The timing of this rebrand highlights the risks of pivoting towards trending technologies without robust market analysis. The community's skepticism, as evident from discussions on socials like Reddit, underscores the challenges of rebranding when the underlying value proposition remains unclear.
Lee Reiners, a former supervisor at the Federal Reserve Bank of New York, argues that rebranding doesn't solve the core problem: "What is this good for? What problem does it solve? This is just P.R." Reiners' comment underscores a crucial point: rebranding alone cannot solve fundamental issues or create value where none existed. Successful rebrands must be accompanied by substantive changes in operations, products, or market approach.
In some cases, projects may choose to rebrand without changing their name, focusing instead on shifting perceptions, improving their offering, and reconnecting with their user base. This approach can be particularly effective when a project has strong name recognition but needs to overcome past challenges or negative associations.
Solana's rebranding effort stands out as one of the most successful in the crypto industry, despite not involving a name change. This case is particularly noteworthy given that Solana was among the projects most heavily impacted by the FTX collapse.
By keeping its name the network retained its established brand recognition while focusing on changing perceptions and doubling down on addressing technical issues such as network outages, this resulted in Solana becoming the most used chain by degens who represent the majority of market participants during this cycle.
Method 3 aka the triangle factory
As crypto projects develop new products or services, they may rebrand to better reflect their expanded offerings or shifted focus. This type of rebranding is motivated by the desire to accurately represent the project's current capabilities and future direction.
Redacted Cartel's transformation into Dinero demonstrates how a well-timed rebranding can catalyze a project's evolution and reshape its public image. The name change to Dinero, coinciding with the launch of new financial products signaled a decisive shift from a niche DeFi project to a comprehensive financial ecosystem.
This rebranding strategy effectively communicated the project's expanded scope and ambitions to both existing community members and potential new users. By choosing a name that translates to "money" in Spanish, the project positioned itself as a serious player in the broader financial landscape, moving beyond its previous identity tied closely to the OlympusDAO ecosystem.
The rebranding also set the stage for significant partnerships, as evidenced by the subsequent collaboration with Galaxy Digital. This strategic alliance is opening doors to institutional participation and positioning the project for growth in the competitive DeFi market.
Following this vision of shifting from a niche branding to something more mainstream, Spectra's rebranding from APWine reflects a strategic shift to better represent its new permissionless protocol. The motivation behind the rebranding was to revitalize the project’s identity and align it with new features like Fixed Rate, Yield Trading, LP Vaults, and to preview the [Create Pool] feature. The rebranding successfully garnered positive community feedback, suggesting an effective reset in positioning the project for broader engagement and growth in the DeFi space. For more alpha, you can read the full report here.
In the end, Rebranding in the crypto space is a delicate art that requires thoughtful alignment with a project's evolving vision, community needs, and market positioning. As illustrated in this analysis, successful rebrands—like those of Solana, Dinero, and Spectra—combine strategic clarity with an authentic narrative and a compelling visual identity. Critical elements include a unique aesthetic, a recognizable logo that resonates across platforms, and a deep understanding of the ecosystem's ethos. Ultimately, rebranding should not merely aim for a fresh look but should drive renewed growth, engagement, and relevance in the market.