Decentralized finance (DeFi) lending platform Sky, formerly Maker, is looking to speed up the migration from MKR to SKY in the new year, following a massive rebrand in August.
Rune Christensen, the co-founder of Sky, said in a Dec. 18 end-of-year update on X that more effort will be put into a full migration of MKR to SKY in 2025, partly to help remove confusion around the MKR vs. SKY tokens.
According to Christensen, this will not put MKR tokenholders in a position where they can lose their funds, “but instead new upcoming proposals make migration a requirement in order to get usability out of the token.”
Source: Rune Christensen
Christensen said updates and more details on the migration and conversion of MKR to SKY will be shared sometime in 2025.
“The goal is to ensure that CoinGecko and exchanges all support SKY only, and MKR becomes simply a legacy wrapper that represents 24,000 SKY per MKR,” he added.
In a Nov. 11 governance vote, stakeholders decided SKY would serve as the core token for the ecosystem.
In the same poll, it was also decided that tokenomics should be defined as deflationary and supported by long-term supply reduction and a burn mechanism.
More Star DAOs coming in 2025
Sky also plans to launch more subDAOs in 2025, known as Stars. Christensen says the change to SKY’s tokenomics, making it deflationary, opened the door to a new Star strategy where more can launched and have freedom to act.
As part of the new model, the subDAOs will launch with a foundation that controls the workforce bonus pool and makes quick decisions.
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The first subDAO, Spark, is on track to launch as the first Star in the Sky ecosystem and will use the foundation model.
“With the new SKY and Star tokenomics and the shift to a foundation model, the ability to create Stars becomes a lot easier,” Christensen said.
“Next year, Sky will begin a process of onboarding additional founders and teams to create their own Stars,” he added.
Sky considered doubling back to its original Maker name in October after apparent confusion and negative feedback over its August rebrand.
A majority of tokenholders voted to keep the Sky brand instead of reverting back to Maker. Source: Sky
The Nov. 4 poll saw 79% of tokenholders vote to keep the Sky brand as the back end protocol brand with no further changes.
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