Sky, the leading DeFi protocol formerly known as MakerDAO, is preparing to complete the migration of its MKR token to the new SKY token. This transformation accompanies the introduction of new features and governance updates.
Discussion on Sky Governance Forum
The migration proposal was published on Sky’s governance forum on May 1 and will be open for community discussion before being put to an on-chain vote. The proposal includes activating SKY staking and USDS rewards for SKY holders, and transferring governance processes to SKY-based voting.
Rebranding MakerDAO to Sky
MakerDAO was rebranded to Sky in August as part of an endgame roadmap to simplify the project. Since the transition to the new token, only 14% of MKR supply has migrated to SKY. Sky also launched a new stablecoin, USDS, which has attracted over $4 billion in migrations, while more than $3 billion in liquidity remains in the original stablecoin DAI.
Sky's Multi-Chain Expansion
Sky has sought to expand to new networks following its rebranding. The project launched USDS on Solana in November, with users migrating nearly $92 million worth of USDS onto Solana by December. Additionally, Sky deployed USDS on the Base network and Arbitrum, leading to mixed results in adoption and liquidity.
Sky continues to pursue its growth strategy and governance improvements, as evidenced by the active token migration process and expansion to new networks.
