The Sky Protocol has formally transitioned to utilizing SKY as its sole governance token, changing MKR
The Sky Protocol has formally transitioned to utilizing SKY as its sole governance token, changing MKR. This improve permits holders to keep up governance participation, entry rewards on SKY tokens, and contribute to the protocol’s ongoing improvement in decentralized finance (DeFi). As of the transition, 26% of MKR tokens have been migrated to SKY. The migration marks the completion of a key step towards activating staking rewards on SKY, which can quickly supply customers rewards in USDS, with extra staking rewards in Spark (SPK) to comply with. MKR holders are inspired to improve to SKY voluntarily, with a delayed improve penalty set to start in September. The improve course of is supported on platforms comparable to CoW Swap, facilitating a easy transition for customers.
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