Sky (Formerly Maker) Looks to Speed Up the Migration from MKR to SKY in 2025

Rune Christensen, the co-founder of Sky, said in a Dec. 18 end-of-year update to X that more effort will be put into a full migration of MKR to SKY in 2025

Decentralized finance (DeFi) lending platform Sky, formerly known as Maker, is aiming to accelerate the migration from MKR to SKY in the upcoming year, following a large-scale rebrand in August.

Rune Christensen, co-founder of Sky, noted in a Dec. 18 year-end update to X, that greater efforts will be directed toward fully migrating MKR to SKY in 2025, partly to help alleviate confusion surrounding the MKR and SKY tokens.

Christensen noted that this will not put MKR tokenholders in a position where they can lose their funds, “but instead new upcoming proposals make migration a requirement in order to get usability out of the token.”

Christensen adds that updates and further details on the migration and conversion of MKR to SKY will be shared sometime in 2025.

“The goal is to ensure that CoinGecko and exchanges all support SKY only, and MKR becomes simply a legacy wrapper that represents 24,000 SKY per MKR,” he said.

In a Nov. 11 governance vote, stakeholders decided that SKY would serve as the core token for the ecosystem.

The same poll also decided that tokenomics should be defined as deflationary and supported by long-term supply reduction and a burn mechanism.

More Star DAOs coming in 2025

Sky also intends to launch more subDAOs in 2025, which are known as Stars. Christensen notes that the change in SKY’s tokenomics, making it deflationary, has opened the door to a new Star strategy where more can be launched and have freedom to act.

As part of the new model, the subDAOs will launch with a foundation that controls the workforce bonus pool and makes quick decisions.

The first subDAO Spark is set to launch as the first Star in the Sky ecosystem and will utilize the foundation model.

“With the new SKY and Star tokenomics, and the shift to a foundation model, the ability to create Stars becomes a lot easier,” said Christensen.

“Next year Sky will begin a process of onboarding additional founders and teams to create their own Stars,” he added.

Sky considered reverting back to its original Maker name in October following apparent confusion and negative feedback over its August rebrand.

The Nov. 4 poll saw 79% of tokenholders vote to keep the Sky brand as the back end protocol brand with no further changes.