The Sky Ecosystem has released a second notice about the offboarding of WBTC-A, WBTC-B, WBTC-C, and WBTC from SparkLend.

According to the plan outlined by @BlockAnalitica, and pending governance approval, WBTC offboarding from Legacy Vaults (WBTC-A, WBTC-B, and WBTC-C) and SparkLend will be conducted in several steps over multiple Executive Votes.

The offboarding process is expected to begin with the Executive Vote on September 26, 2024.

WBTC users of Legacy Vaults and SparkLend are strongly encouraged, following @BlockAnalitica’s recommendations, to close their Legacy Vaults and SparkLend positions with WBTC collateral to avoid liquidation.

If you are a user with WBTC collateral in Legacy Vaults (WBTC-A, WBTC-B, or WBTC-C) or SparkLend, please be aware of the WBTC offboarding proposal initiated by @BlockAnalitica.

According to the plan outlined by @BlockAnalitica, and pending governance approval, WBTC offboarding from Legacy Vaults (WBTC-A, WBTC-B, and WBTC-C) and SparkLend will be conducted in several steps over multiple Executive Votes.

The process is expected to begin with the Executive Vote on September 26, 2024.

WBTC users of Legacy Vaults and SparkLend are strongly encouraged, following @BlockAnalitica’s recommendations, to close their WBTC Legacy Vaults and SparkLend positions.

Sky features go live on 18 September, and the Sky Launch Party is your chance to be part of this unique moment.

CÉ LA VI, Marina Bay Sands.
18 September.
07:30 PM.

If you are a USDC PSM user or integrator, please be aware of the upcoming changes as part of the LitePSM migration plan.

According to the plan outlined by @BlockAnalitica, the final phase of the LitePSM migration is approaching.

Pending Sky Governance approval, this final phase, known as “Phase 3,” is expected to be included in the October 3, 2024 Executive Vote (subject to change).

Once implemented, the following changes will take effect:

• All remaining USDC reserves will be migrated from PSM-USDC-A to LITE-PSM-USDC-A. Before this transaction is executed, tin and tout fees will be set to 0%.

• tin and tout parameters will be reduced from 0.01% to 0%.

• Debt Ceiling (DC-IAM Line) will be reduced by $2.5 billion, from $2.5 billion to 0.

• DC-IAM will be disabled.

Final offboarding parameters will be shared in a forum post by @BlockAnalitica when the proposal for the final phase (Phase 3) is initiated.

PSM-USDC-A users and integrators are strongly encouraged, following @BlockAnalitica’s recommendations, to migrate to LITE-PSM-USDC-A before the offboarding of PSM-USDC-A.

Sky Aave Force is moving forward with the following collaborative initiatives between Aave and Sky:

• Integration of USDS and sUSDS on the Aave V3 market with native Aave incentives.
• SKY-sUSDS converter on the Aave interface.
• SPK token airdrop for Aave market suppliers.
• Sky Protocol-powered USDS liquidity injection into Aave’s stETH market.
• And more to come…

Join @RuneKek tomorrow Thu Sept 12th 1:00 PM UTC for an AMA on @orb_club to discuss the details!

SKY, the upgraded version of MKR.

As the native governance token of the decentralized Sky Ecosystem, SKY will be available for MKR holders to optionally upgrade at a rate of 1 MKR to 24,000 SKY through the Sky Protocol.

Learn what you can do with SKY ↓

Stars, expanding ecosystems within Sky.

Once known as SubDAOs, Stars bring their own unique products, brands, communities, and governance tokens to life, establishing independent spaces within the broader Sky ecosystem.

Together, they fulfill Sky’s mission to scale globally.

Thousands of early users have now qualified for a 100% boost in Sky Token Rewards.

This Early Bird Program rewards users who actively and organically engage with future https://t.co/h68x1AfpjM products. The amount of rewards distributed is directly tied to the actual Sky Token Rewards earned through the app, making it one of the most sybil-resistant campaigns in crypto.

• Complete the steps on https://t.co/h68x1AfpjM to qualify.
• Earn Sky Token Rewards in $SKY by supplying $USDS when available.
• Receive a 100% boost in $SKY.

Just like that.
Terms apply.

USDS: The stablecoin with native rewards.

USDS is the decentralized stablecoin of Sky.
With it, you can access native token rewards that don't require interacting with external protocols or giving up control.

Starting 18 September, eligible users can upgrade DAI to USDS at a 1:1 ratio or swap supported crypto to USDS, unlocking access to Sky Token Rewards in the form of SKY tokens and the Sky Savings Rate.

Sky Aave Force, gearing up for deployment.

An unprecedented initiative by @SkyEcosystem and @Aave to accelerate the next wave of DeFi adoption.

Join the official Sky Discord server.

Stay ahead with the latest updates on Sky and the new features on https://t.co/h68x1AfpjM, share your thoughts and participate in open discussions on the Sky ecosystem’s developments.

Ready when you are:

Take a look at @RuneKek's forum post and video introducing Sky:

https://forum.makerdao.com/t/sky-has-arrived/24959

Sky is here.

The best and easiest place to get rewarded for saving without giving up control.

Discover the upgraded tokens, new features, and boosted Sky Token Rewards for early sign-ups. Follow this thread for the latest news and updates about SkyLaunch.

Endgame introduces NewStable and NewGovToken, the upgraded versions of DAI and MKR.

However, DAI and MKR will remain available. Both tokens are expected to stay unchanged for the foreseeable future, unless governance decides otherwise.

You can continue to hold and use both tokens as before. ↓

The Dai Savings Rate (DSR) continues to rise, becoming a top choice for DeFi users and a leading product for Dai stablecoin holders in recent months.

Despite a recent decrease in the DSR to 6%, the total Dai in the DSR has surpassed the amount held in externally owned addresses (EOA), with 2.064 billion Dai in the DSR compared to 2.054 billion in EOAs.

This milestone underscores Dai users' strong preference for stable and predictable returns to enhance their positions and overall DeFi experience.

The Ecosystem Team has announced the conclusion of the Rebrand Ceremony.

During this event, the Accessibility Facilitator shared the rebrand materials with the Alignment Conservers, who then expressed their approval through posts on the Maker Forum, in accordance with MIP108, section 2.1.2.3.1.

The BA Labs team has introduced proposed parameters for Phase 2 of the LitePSM migration to Maker Governance. This phase outlines a three-step plan to gradually migrate USDC from USDC-PSM-A and RWA014-A to LITE-PSM-USDC-A.

Phase 2 will commence once testing is complete and the module is ready to absorb the majority of existing stablecoin reserves. BA Labs recommends that the Stability Facilitator initiate a poll for the proposed parameter changes in the next cycle. If the poll is favorable, these changes will be included in the subsequent executive vote.

Proposed Actions for WBTC Risk Mitigation

BA Labs has proposed a set of parameter changes on the Maker Forum to mitigate risks associated with WBTC collateral within the Maker Protocol's core WBTC vaults and SparkLend.

These changes, which aim to halt new borrowings against WBTC collateral, will be put to an upcoming Executive Vote. If approved, the changes will not impact existing borrowing positions in either the Maker Protocol's core WBTC vaults or SparkLend; they will only prevent any further borrowing against WBTC.

Below is a breakdown of the proposed parameter changes:

Core vaults:

• WBTC-A DC-IAM line (max DC): Decrease to 0.

• WBTC-B DC-IAM line (max DC): Decrease to 0.

• WBTC-C DC-IAM line (max DC): Decrease to 0.

SparkLend:

• Disable WBTC borrowing.

• Reduce WBTC LTV from 74% to 0%.

Users who have already borrowed against WBTC collateral in the Maker Protocol's core WBTC vaults or on SparkLend will not experience any changes to their existing positions or borrowing parameters as a result of these changes being implemented.

BA Labs, as part of the Stability Advisory Council, will evaluate additional steps based on ongoing assessments of the risks associated with WBTC as collateral in both the Maker Protocol's core vaults and SparkLend.

The @BlockAnalitica team has proposed changes to the parameters of various vault types, which will be considered in the upcoming Executive Vote.

Below is a detailed breakdown of the proposed changes:

📊 Stability Fee (SF) changes:

• ETH-A: Decrease SF to 6.25%
• ETH-B: Decrease SF to 6.75%
• ETH-C: Decrease SF to 6%
• WSTETH-A: Decrease SF to 7.25%
• WSTETH-B: Decrease SF to 7%
• WBTC-A: Decrease SF to 7.75%
• WBTC-B: Decrease SF to 8.25%
• WBTC-C: Decrease SF to 7.5%

📊 Effective DAI borrow APY Changes:

Effective DAI borrow APY: Decrease to 7%

📊 Dai Savings Rate:

DSR: Decrease DSR to 6%

The Executive Vote to initiate Phase 1 of the LITE-PSM-USDC-A migration plan has been approved by Maker Governance.

→ https://vote.makerdao.com/executive/template-executive-vote-lite-psm-usdc-a-phase-1-setup-spark-proxy-spell-july-25-2024

In collaboration with @BlockAnalitica, this thread provides an overview of the LitePSM and their proposed migration plan. 🧵