Sky proposed penalties on Maker tokenholders who are slow to upgrade to SKY tokens as the DeFi protocol pushes to finish its changeover.
MakerDAO News
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ETH prices have tanked more than 14%, causing liquidations on decentralized finance lending platforms.
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Rune Christensen, the co-founder of Sky, says the ultimate goal is to turn MKR into a wrapper that represents 24,000 SKY.
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The proposal to buy back tokens with protocol revenues is intended as a new value accrual mechanism for tokenholders.
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Sky’s (formerly MakerDAO) use of externally owned accounts (EOAs) to manage $756 million in USDC reserves raises questions about security and transparency.
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Four MKR whales constituted 98% of the voting power in favor of sticking with the Sky rebrand.
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Rune Christensen proposed a deflationary model for Sky, halting token emissions and aligning with MakerDAO’s original supply reduction vision.
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Pyth Network’s pull-based model has driven high transaction volumes, intensifying the Oracle’s competition with Chainlink.
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Maker rebranded to Sky just two months ago as part of an overhaul, but there has been resistance.
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WBTC is still the most popular Bitcoin wrapper, with nearly $10 billion in TVL, according to DefiLlama.
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The vote was passed with 88% in favor of offloading WBTC collateral from the Sky lending platform.
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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.”
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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.
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The plan would create markets for DAI-replacement USDS on Aave.
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The new USDS stablecoin from Maker, now Sky, has a freeze function which the project's founder claims won't be part of the token at launch.
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