Sky Protocol Migrates 26% MKR to SKY Governance Token, Launches USDS Staking Rewards, Penalty From September

2025-11-13 17:25

The Sky Protocol has officially transitioned to using SKY as its sole governance token, replacing MKR. This upgrade allows holders to maintain governance participation, access rewards on SKY tokens, and contribute to the protocol's ongoing development in decentralized finance (DeFi). As of the transition, 26% of MKR tokens have been migrated to SKY. The migration marks the completion of a key step toward activating staking rewards on SKY, which will soon offer users rewards in USDS, with additional staking rewards in Spark (SPK) to follow. MKR holders are encouraged to upgrade to SKY voluntarily, with a delayed upgrade penalty set to begin in September. The upgrade process is supported on platforms such as CoW Swap, facilitating a smooth transition for users.

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