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Sky Imposes 1% Penalty on MKR-to-SKY Token Upgrades

Sky (formerly MakerDAO) introduces a penalty fee structure for MKR-to-SKY upgrades, with a 1% fee set to increase quarterly under the Sky Atlas governance rules.

MKR
SKY

Summary

Sky, the project previously known as MakerDAO, has activated a 1% penalty fee on all MKR-to-SKY token upgrades. This penalty will increase by one percentage point every three months, as per the Sky Atlas governance framework.

Terms & Concepts
  • MKR: The governance token originally issued by MakerDAO, used for voting on protocol changes and system upgrades.
  • SKY: A token issued by Sky, formerly MakerDAO, replacing MKR as part of the project's rebranding and governance transition.
  • Sky Atlas: The documented rule framework guiding Sky’s governance, upgrades, and policy changes, including the scheduled increase of upgrade penalties.