Sky pitches ousting Maker token, enabling staking, to complete upgrade

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

Decentralized finance (DeFi) lending platform Sky has pitched a proposal to finalize its upgrade from Maker by replacing its governance token and enabling staking.

The proposal, posted on May 1 to Sky’s decentralized autonomous organization (DAO) forum, would see the Sky (SKY) token take over the Maker (MKR) token as the protocol’s governance token.

If the DAO accepts, the change would be slated to take place around May 15 to May 19 and downgrading from SKY to MKR would also be disabled.

If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.