Sky Replaces MKR as the Sole Governance Token for the SKY Protocol

Sky Replaces MKR as the Sole Governance Token for the SKY Protocol

Sky (formerly Maker), the longest-running DeFi lending protocol, is completing the upgrade of its governance token from MKR to SKY. This governance proposal reflects the community’s desire to streamline governance, increase voter participation, and support the ecosystem’s long-term growth and scalability by transferring sole governance authority to the SKY token. Becoming the unified governance token of the Sky Protocol, SKY inherits the governa…

Sky Protocol launches SKY token as new governance standard, urges MKR holders to upgrade promptly

An important shift is taking place in the decentralized finance space. Sky Protocol, which used to be known as MakerDAO, is rebranding and moving forward with a new token that will act as the “exclusive governance asset” for its ecosystem. Meanwhile, the MKR token has been “retired from all governance responsibilities” and is on a trajectory to a skyward future. The current holders of MKR tokens are being urged to upgrade their holdings to SKY, …