Author: Voxam, Cryptography Researcher, Translator: Golden Finance xiaozou
MakerDAO has officially changed its name to Sky. This article may serve as a reminder of what is going to happen around the new SKY token.
1. The new version of dApp (sky.money) will be launched at 01:00 am UTC on September 18th.
2. Each MKR can be upgraded to 24,000 SKY.
3. Each DAI can be exchanged for USDS.
4. You can still continue to use DAI and MKR if you wish, but you will have a strong incentive to migrate your tokens.
5. You can use USDS within the protocol to earn SKY native token rewards, or choose the regular savings rate.
6. The native token reward is set at 600 million SKY per year, which is close to 50 million US dollars based on the MKR price of 2,000 US dollars.
7. Native token rewards and savings rate rewards are restricted in certain countries, including the United States and the United Kingdom, and for all VPN users.
8. Maker’s SubDAOs are now Sky Stars: small professional ecosystems such as the well-known Spark, which will launch its own token a few months after Sky.money goes online.
9. Each Star has its own community, product, brand and governance tokens, which will be distributed through Sky Protocol’s native token rewards.
10. Early Bird Bonus: Double rewards will be offered in the first month after Sky Launch. You need to complete the registration on sky.money before September 18.
11. Sealed Activation: Sealed Activation incentivizes long-term governance participation by allowing MKR and SKY holders to lock their tokens and pay an exit fee in exchange for rewards
12. Sealed Activation Rewards: 25% of all protocol stablecoin surpluses obtained by the Maker protocol. 15% of all SPK tokens (Spark tokens) designated for token rewards are distributed proportionally as Activation Rewards to sealed activation users who choose to receive SPK earnings.
13. Unsealing Exit Fee: 5% is charged at the time of issuance, and then increases by 1% every 6 months until it reaches the upper limit of 15%.
14. SKY Regular Activation: SKY holders do not need to lock their tokens by paying an exit fee to receive activation rewards. SKY can be freely activated or deactivated instantly at any time. At the start of activation, SKY holders will be eligible to receive 15% of the total supply of SPK as activation rewards.
15. Skylink: A multi-chain solution that will first migrate SKY and USDS to the main L2 and then to other chains.
16. Spark Distribution System: The upcoming mechanism in Sky Protocol will allow Stars to borrow from Sky at a lower interest rate, enabling them to distribute funds to top protocols and platforms in the broader DeFi ecosystem.
Spark currently manages a Morpho lending market system that puts hundreds of millions of dollars into tokenized perpetual contracts trading on Ethena’s sUSDe.
