Decentralized finance (DeFi) lending platform Sky, which underwent a significant rebranding from Maker, is focused on streamlining the transition from MKR to SKY in the upcoming year. This initiative follows a comprehensive rebranding effort that took place in August, aimed at enhancing clarity around the platform’s token structure.
As part of a year-end update, co-founder Rune Christensen outlined plans to accelerate the full migration of MKR to SKY by 2025. This strategic move is intended to alleviate any confusion surrounding the existing MKR and SKY tokens. Christensen emphasized that current MKR holders will not face risks of losing their investments; rather, upcoming proposals will mandate migration for users to maintain token usability.
The overarching aim is to establish SKY as the sole token recognized by exchanges and price aggregators, effectively relegating MKR to a legacy status, where one MKR would represent 24,000 SKY. A governance vote in November confirmed SKY as the primary token of the ecosystem, while also establishing a deflationary tokenomics structure supported by long-term supply reductions and a token burn mechanism.
Looking ahead to 2025, Sky is set to introduce additional subDAOs, referred to as Stars, which will have greater operational flexibility. The new tokenomic approach facilitates the launch of these subDAOs, empowering them to act autonomously under a foundational model which governs workforce compensation and enables swift decision-making.
Sky’s first subDAO, named Spark, is anticipated to launch as the inaugural Star within the ecosystem. The platform’s revised tokenomics and foundation model will streamline the creation of new Stars. The company also considered reverting to its original Maker name due to initial confusion following the rebrand but ultimately decided to retain the Sky brand after a poll indicated strong support for its continued use.
