MakerDAO News

S&P Global’s credit rating of Sky Protocol reflects key concerns over governance centralization, weak capitalization and regulatory uncertainty.

Sky proposed penalties on Maker tokenholders who are slow to upgrade to SKY tokens as the DeFi protocol pushes to finish its changeover.

ETH prices have tanked more than 14%, causing liquidations on decentralized finance lending platforms.

Rune Christensen, the co-founder of Sky, says the ultimate goal is to turn MKR into a wrapper that represents 24,000 SKY.

The proposal to buy back tokens with protocol revenues is intended as a new value accrual mechanism for tokenholders.

Sky’s (formerly MakerDAO) use of externally owned accounts (EOAs) to manage $756 million in USDC reserves raises questions about security and transparency.

Four MKR whales constituted 98% of the voting power in favor of sticking with the Sky rebrand.

Rune Christensen proposed a deflationary model for Sky, halting token emissions and aligning with MakerDAO’s original supply reduction vision.

Pyth Network’s pull-based model has driven high transaction volumes, intensifying the Oracle’s competition with Chainlink.

Maker rebranded to Sky just two months ago as part of an overhaul, but there has been resistance. 

WBTC is still the most popular Bitcoin wrapper, with nearly $10 billion in TVL, according to DefiLlama.

The vote was passed with 88% in favor of offloading WBTC collateral from the Sky lending platform. 

The team behind Sky, formerly Maker, wants to drop WBTC due to what it claimed were recent changes in ownership and control “likely involving Justin Sun or affiliates.”

A “decentralized governance” body could decide the fate of frozen USDS if the stablecoin goes ahead with a freeze feature, says Sky co-founder Rune Christensen.

The plan would create markets for DAI-replacement USDS on Aave.