MakerDAO upgrades to Sky: 16 facts to understand Sky

Author: Voxam, crypto researcher, translation: Jinse Finance xiaozou

MakerDAO officially changed its name to Sky. This article may remind everyone what will happen around the new SKY token.

1. The new version of dApp (sky.money) will be launched at 01:00 am UTC on September 18th.

2. Each MKR can be upgraded to 24,000 SKY.

3. Each DAI can be exchanged for USDS.

4. If you want, you can still continue to use DAI and MKR, but you will have a strong incentive to migrate your tokens.

5. You can earn SKY native token rewards using USDS within the protocol, or choose a regular savings rate.

6. Native token rewards are set at 600 million SKY per year, which is close to $50 million at a MKR price of $2,000.

7. Native token rewards and savings rate rewards are restricted in certain countries, including the United States and the United Kingdom, as well as all VPN users.

8. Maker’s SubDAOs are now Sky Stars: small professional ecosystems such as the well-known Spark, which will launch its own token a few months after Sky.money goes live.

9. Each Star has its own community, product, brand and governance tokens, which will be distributed through Sky Protocol’s native token rewards.

10. Early Bird Bonus: Double rewards will be offered in the first month after Sky Launch. You need to complete the registration on sky.money before September 18th.

11. Sealed Activation: Sealed Activation incentivizes long-term governance participation by allowing MKR and SKY holders to lock their tokens and pay an exit fee in exchange for rewards

12. Sealed Activation Rewards: 25% of all protocol stablecoin surplus earned by the Maker Protocol. 15% of all SPK tokens (Spark tokens) designated for token rewards are distributed as Activation Rewards proportionally to sealed activation users who choose to receive SPK earnings.

13. Unsealing Exit Fee: 5% at issuance, increasing by 1% every 6 months until the 15% cap is reached.

14. SKY Regular Activation: SKY holders can receive Activation Rewards without locking their tokens by paying an exit fee. SKY can be freely activated or deactivated instantly at any time. At the start of activation, SKY holders will be eligible to receive 15% of the total supply of SPK as an activation reward.

15. Skylink: A multi-chain solution that will first migrate SKY and USDS to the main L2 and then to other chains.

16. Spark Allocation System: The upcoming mechanism in Sky Protocol will allow Stars to borrow from Sky at a lower interest rate, enabling them to allocate funds to top protocols and platforms in the broader DeFi ecosystem.

Spark currently manages a Morpho lending market system that puts hundreds of millions of dollars into tokenized perpetual contract transactions on Ethena sUSDe.