According to The Block
Decentralized lending platform Sky’s core governance design team, Atlas Axis, submitted a proposal on Wednesday. If approved, it will complete the upgrade of its MKR token to SKY, making SKY the sole governance token and enabling the staking function, allowing SKY holders to earn rewards denominated in USDS.
As part of the Endgame plan
Maker is undergoing a significant rebranding in 2024, changing its name to Sky and introducing several new features, including the launch of the decentralized stablecoin USDS (a new version of the native stablecoin DAI) and the governance token SKY, which will replace MKR. The Sky team stated that if the new proposal is approved, the related plans could be launched within weeks, at which point SKY will fully replace MKR in terms of technology and functionality, inheriting its governance rights.
Sky co-founder Rune Christensen
expressed support for Atlas Axis’s proposal, praising it as a “huge milestone.” He wrote:
Christensen noted that the staking of SKY tokens will be enabled after the proposal passes, allowing holders who stake SKY and participate in governance via delegated tokens to earn ongoing and permanent USDS rewards based on the income generated by the Sky protocol (this feature will be accessible through front-end interfaces such as Sky.money).
MKR holders
can currently exchange their tokens for SKY at a fixed ratio (1 MKR: 24,000 SKY). To encourage users to complete the conversion early, a 1% penalty will be incurred for transitioning from MKR to SKY starting from September 18, and this fee will increase by 1% every three months.
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