- DeFi platform Sky is planning to ditch MKR for the SKY token in 2025
- Sky wants to hasten the switch to SKY token to prevent confusion between MKR and SKY
- Sky’s community recently voted to keep the Sky brand instead of going back to Maker
A month after revealing intentions to return to the Maker brand, DeFi platform Sky has now said it’ll increase efforts to popularize the SKY token in 2025. The DeFi platform intends to completely ditch Maker’s native token token, MKR, to address the confusion between the two tokens. Although Sky previously said that SKY will have a 1:1 ratio with MKR to streamline the migration from MKR to SKY, it may take time before Sky reaches the same level of adoption as Maker.
Exchanges To Drop MKR for SKY
According to Sky’s co-founder Rune Christensen, the migration will also see exchanges stop supporting MKR and embrace SKY, adding that the switch will make MKR “a legacy wrapper that represents 24,000 SKY.”
💫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
Christensen also revealed that the two tokens are deflationary with no emissions except in situations “where the protocol is insolvent and USDS/DAI is at risk.” The Sky executive said SKY will use the same tokenomics as MKR.
Apart from ditching MKR for SKY, Christensen said Sky will support multiple sub-DAOs called Stars. The DAOs will help the Sky ecosystem to scale and control things like “the workforce bonus pool.”
He added that the sub-DAOs will also help the DeFi platform make decisions on critical matters affecting the platform. Christensen, however, said that details about “the possibilities and opportunities of Stars” will be released early next year.
No Going Back to Maker
In a recent poll on “recentering [the] Maker brand,” 79% of the Sky community agreed to “keep the Sky brand as the backend protocol brand” while 18% wanted the Maker brand recentered with a “limited brand refresh.” Less than 3% wanted to return to the former brand.
Christensen’s revelations come barely a month after Sky launched its USDS stablecoin to replace the DAI token.
With Sky revealing new plans for 2025, it’s to be seen how quickly the DeFi community will embrace the changes.
