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Over 61% of MKR Converted to SKY Ahead of Governance Vote

According to Sky, more than three-quarters of MKR tokens have migrated to SKY as the protocol prepares for a key governance vote on delayed upgrade penalties scheduled for September 18.

MKR
SKY

Summary

Sky reported that over 75% of the MKR token supply has been converted to SKY. A governance vote is set for September 18 to determine whether penalties for delayed migrations will be enforced, with penalties taking effect from September 22 if approved. This follows MakerDAO’s rebranding process and ongoing token transition.

Terms & Concepts
  • MKR: The governance token originally issued by MakerDAO, used for voting on protocol changes and system governance.
  • SKY: The new token replacing MKR as part of MakerDAO’s rebrand to Sky, intended to carry forward governance functions.
  • Governance Vote: A decision-making process where token holders cast votes on protocol changes, such as implementing penalties or approving upgrades.