Sky Proposes New Token and Staking Upgrade in Final Move Away from Maker
By: crypto news|2025/05/02 19:15:01
0
Share
Decentralized finance (DeFi) lending protocol Sky has introduced a pivotal governance proposal that would mark its final departure from Maker, the original foundation of the platform.The plan, posted on May 1 to Sky’s decentralized autonomous organization (DAO) forum, proposes replacing Maker’s MKR token with Sky’s own SKY token as the sole governance asset.The move would also enable staking for SKY holders, a long-awaited feature.Sky Sets Mid-May Timeline for Governance ShiftIf approved, the transition is expected to occur between May 15 and May 19.Importantly, users would no longer be able to downgrade from SKY back to MKR, signaling a full commitment to the new governance structure.Sky co-founder Rune Christensen hailed the proposal as a “huge milestone” and voiced strong support.He noted that the ability to revert from SKY to MKR has discouraged major exchanges from listing the token due to liquidity fragmentation concerns.“With this change, exchanges are likely to move faster in quickly adopting SKY,” Christensen said.To further encourage the transition, the proposal introduces a delayed upgrade penalty for MKR holders who are slow to migrate to SKY.Starting September 18, a 1% penalty would apply, increasing every three months. Users affected by the penalty would also receive fewer SKY tokens in exchange.A new governance proposal has been submitted to finalize the upgrade from MKR to SKY.It would enable SKY Staking, activating USDS rewards for SKY holders. If approved, this could be one of the final steps toward a transition to zero fixed costs by the end of 2025 directing... pic.twitter.com/aq9zm24b4H— Sky (@SkyEcosystem) April 30, 2025One of the core enhancements included in the proposal is the introduction of staking rewards tied to Sky’s decentralized stablecoin, USDS.These rewards will be distributed based on the income generated by the protocol, with an initial payout expected two to three weeks after the upgrade.According to Christensen, a 50% revenue splitter rate will apply.“This is one of the final pieces before Sky can eliminate fixed costs by the end of 2025,” Christensen said.“That will enable a larger share of income to support SKY buybacks and staking rewards.”To prevent potential price manipulation during the early stages of the transition, SKY liquidations will be temporarily disabled.Once market liquidity stabilizes, the DAO plans to lift the freeze and adjust risk parameters to their long-term targets.Sky Gains Popularity Among CommunitySky, which rebranded from Maker in August 2024, faced early backlash over the change.However, a community vote in November confirmed support for the new brand, with 79% favoring the continued use of the Sky name.Maker’s rebrand to Sky is a key component of its “Endgame” upgrade.The overhaul introduced USDS as a successor to the DAI stablecoin and SKY as a replacement for the MKR governance token, signaling the protocol’s evolution.A primary goal of the rebrand was to enhance the decentralization and sustainability of Maker’s governance mechanisms.Additionally, the launch of “Sky Stars” (formerly SubDAOs) aimed to enable independent business models, token-based governance, and treasury management within the Maker ecosystem.The post Sky Proposes New Token and Staking Upgrade in Final Move Away from Maker appeared first on Cryptonews.
You may also like

Morning News | The draft amendment to the People's Bank of China Law aims to clarify the legal status of digital renminbi; South Korea will transfer about 40 unregistered virtual asset service providers to law enforcement agencies
Overview of Important Market Events on June 24

The cryptocurrency industry has entered the "Show Me" era: merely relying on vision is no longer enough
The awareness level of the audience in the cryptocurrency industry—including media, institutions, and retail investors—is steadily increasing, and this trend has become a foregone conclusion.

Interpreting the Ethereum Foundation's new structure: Reaffirming self-sovereignty amid institutional trends
The Ethereum Foundation has announced a new five-layer working framework, clarifying the focus of future development and reaffirming its commitment to decentralized core values amidst the wave of institutionalization.

Former SpaceX engineer reconstructs the financial execution system using first principles
Plan Execution Lab completes angel round financing for Singapore family office, with a valuation of 50 million USD.

Tidal Investment: We still have a positive outlook on the AI industry chain, but the reasons have changed
The intense financing by tech giants has triggered a panic of "AI peak," but the soaring capital expenditures of the five major cloud vendors and the bottlenecks in physical infrastructure indicate that the AI investment cycle is far from over; the second half of this grand performance has just begu...

Standard Chartered Bank sings a 50x rhapsody again, aiming for AAVE to reach 3500 USD
The throne of DeFi lending still exists, but the foundation beneath the throne needs to undergo a reconstruction or reinforcement.

The interim executive director of the Ethereum Foundation speaks out: What is our mission?
"We are here to strengthen defenses against where Ethereum has already become or may become extractive, comprehensive, or susceptible to cartel or state control, or influenced by tools of surveillance or coercion from authoritarian regimes."

Why does OKX want to start a new company with the parent company of the New York Stock Exchange?
ICE and OKX established OKXICE, symbolizing the relationship between traditional finance and the crypto market is transitioning from "tentative cooperation" to "infrastructure-level integration."

Why Is PAXG Price Different From Gold? 5 Reasons Crypto Traders Should Know
Why is PAXG different from gold? Learn the 5 key reasons PAXG and XAUT prices can trade above or below spot gold, including liquidity, funding rates, futures basis, and weekend trading effects.

WEEX OpenAPI 101: 5 Powerful Modules, AI Trading Tools, and Grab Up to 70% Revenue Opportunities
Learn how WEEX OpenAPI connects traders, developers, AI agents, and trading platforms. Discover WEEX API features, Binance-compatible integration, automated trading workflows, revenue opportunities, and ecosystem possibilities.

Interview with NDV Founder Jason Huang: Popping the AI Bubble and the Myth of Microstrategy, Seeking the Ultimate Ace in the Crypto Market
Exclusive Interview with NDV Founder Jason Huang: MicroStrategy's coin selling triggered a stampede, BTC has fallen into a liquidity squeeze, and the current market has not yet bottomed out, patiently waiting for a "FTX-level" iconic panic event to clear.

Morning Report | Former Ethereum Foundation researcher establishes Ethlabs; EU Parliament Economic Committee passes digital euro regulatory proposal
Overview of Important Market Events on June 23

Dragonfly partner Haseeb: The fastest-growing companies in the future may all be stuck at 149 people
The pricing of large models is actually an "AI tax": it shackles large enterprises with computing power constraints, slows down automation, but turns subscriptions into a subsidy for small teams' innovative dividends. By capping the scale at under 149 people, startups can continuously experiment wit...

How xBubble Breaks the Deadlock in VC's Heavy Investment in the OPC Economy
DAPPOS launched xBubble, using the innovative model of "SOP is business" to solve the challenges of implementing AI Coding, allowing OPCs who do not understand technology to create a real business closed loop with zero threshold.

The encrypted unicorn Blockstream is deeply embroiled in a serious fraud case
As a mining note product aimed at investors, it inherently carries significant risks. This leaves considerable room for further explanation regarding BMN's actual scale, use of funds, sources of income, and governance disclosures.

Morning Report | The South Korean Financial Services Commission plans to expand the regulatory sandbox to include virtual assets; the parent company of the New York Stock Exchange, ICE, has reached a partnership with OKX to jointly establish a cryptocu...
Overview of Important Market Events on June 22

Exclusive Interview with Strategy CEO: Putting Aside the Sale of 32 BTC, the 60 Trillion AI Intelligence is the Ultimate Fate of Bitcoin
Strategy CEO responds for the first time to the controversy over the sale of 32 bitcoins: testing internal processes and breaking the "death spiral" rhetoric, maintaining long-term holding faith, and revealing how the 60 trillion AI intelligence will reshape the bitcoin trading landscape.

TRON revitalizes the image of the bull, creating a more approachable brand character
From Logo to BoNiu, TRON further enhances its brand visual assets.
Morning News | The draft amendment to the People's Bank of China Law aims to clarify the legal status of digital renminbi; South Korea will transfer about 40 unregistered virtual asset service providers to law enforcement agencies
Overview of Important Market Events on June 24
The cryptocurrency industry has entered the "Show Me" era: merely relying on vision is no longer enough
The awareness level of the audience in the cryptocurrency industry—including media, institutions, and retail investors—is steadily increasing, and this trend has become a foregone conclusion.
Interpreting the Ethereum Foundation's new structure: Reaffirming self-sovereignty amid institutional trends
The Ethereum Foundation has announced a new five-layer working framework, clarifying the focus of future development and reaffirming its commitment to decentralized core values amidst the wave of institutionalization.
Former SpaceX engineer reconstructs the financial execution system using first principles
Plan Execution Lab completes angel round financing for Singapore family office, with a valuation of 50 million USD.
Tidal Investment: We still have a positive outlook on the AI industry chain, but the reasons have changed
The intense financing by tech giants has triggered a panic of "AI peak," but the soaring capital expenditures of the five major cloud vendors and the bottlenecks in physical infrastructure indicate that the AI investment cycle is far from over; the second half of this grand performance has just begu...
Standard Chartered Bank sings a 50x rhapsody again, aiming for AAVE to reach 3500 USD
The throne of DeFi lending still exists, but the foundation beneath the throne needs to undergo a reconstruction or reinforcement.
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com
