The lending platform Sky (formerly Maker) plans to advance more product improvements and activities in the new year after a major rebranding in August, including accelerating the token conversion from MKR to SKY and launching more 'Stars'.
Sky co-founder Rune Christensen stated on the social platform X on Thursday that the protocol will put more effort into fully migrating the governance token MKR to SKY in 2025, partly to help eliminate confusion between MKR and SKY tokens. According to Christensen, this will not put MKR holders in a position of potentially losing funds; "on the contrary, the upcoming proposal will make migration a requirement to gain usability from the tokens."
Christensen indicated that more details about the conversion of MKR to SKY will be shared at some point in 2025, adding, "The goal is to ensure that CoinGecko and major exchanges only support SKY, while MKR becomes a legacy wrapped token that represents only, with each MKR representing 24,000 SKY."
Related articles: (MakerDAO decides to retain the 'Sky' rebranding, why did the whales choose to support it?)
Launch more sub DAOs
Sky also plans to launch more sub DAOs, referred to as 'Stars', in 2025. The design of Stars allows the Sky ecosystem to scale massively without becoming vulnerable due to having too many interrelated complexities. Christensen stated that changes in SKY tokenomics have made it a deflationary token, opening the door for new Star strategies, allowing more Stars to be launched and enabling each Star to operate flexibly.
According to the new model, these sub DAOs will establish a foundation upon launch, responsible for controlling the incentive pools for managers and making quick decisions. The first sub DAO in the Sky ecosystem is Spark, which will use this foundation model to enhance its operations and autonomy. The Spark ecosystem is working to launch tokens and deliver the SPK airdrop as soon as possible.
Christensen stated that with the new SKY and Star tokenomics, as well as the transition to a foundation model, creating new Stars will become easier. He believes that more founders and teams will join Sky next year to create their own Stars.
Sky end of year update It's been a big Q4 for Sky, capping off what is a pivotal year for the project. A brand shift and new front end paved the way for a host of changes to the system, including two upgraded tokens and the activation of native rewards. USDS grew to more...
— Rune (@RuneKek) December 18, 2024
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