From Cointelegraph

May 1, 2025 11:01 PM:

Decentralized finance lending platform Sky proposes to replace Maker (MKR) with Sky (SKY) token as governance token. Change expected around May 15-19, disabling downgrade from SKY to MKR. Penalties proposed for slow switch from MKR to SKY. SKY staking, temporary liquidation pause also planned post-upgrade. Rewards for USDS based on protocol income.

Sky co-founder Rune Christensen supports the proposed upgrade from MKR to SKY, citing benefits for exchanges. Delayed upgrade penalties proposed, increasing every three months. SKY staking to be enabled post-upgrade, with rewards for USDS based on protocol income. Liquidations temporarily paused during transition period to prevent price manipulation.

Full upgrade to SKY crucial for Sky to transition to zero fixed costs by end of 2025. Liquidations will be disabled temporarily to prevent price manipulation. Maker rebranded to Sky last year, considered reverting back to original name due to confusion but tokenholders voted to keep Sky brand. SEC’s recent crypto stance raises questions.

Read more at Cointelegraph: Sky pitches ousting Maker token, enabling staking, to complete upgrade