Borrowing platform Sky (formerly Maker) plans to advance more product improvements and activities in the new year after a major rebranding in August, including speeding up the conversion from MKR to SKY tokens and launching more “Stars”.
Sky co-founder Rune Christensen stated on the community platform X on Thursday that the protocol will devote more effort to fully migrating governance token MKR to SKY by 2025, partly to help eliminate confusion between MKR and SKY tokens. According to Christensen, this will not put MKR holders at risk of potential financial losses, “rather, the upcoming proposal will make migration a requirement in order to obtain utility from the token.”
Christensen stated that more details about the conversion of MKR to SKY will be shared at some point in 2025, adding, “the goal is to ensure that CoinGecko and major exchanges only support SKY, with MKR becoming a legacy wrapper token that only serves as a representation, with each MKR representing 24,000 SKY tokens.”
Sky also plans to launch more decentralized autonomous organizations (DAOs) called “Stars” in 2025. The design of Stars allows the Sky ecosystem to expand on a large scale without becoming fragile due to too much interconnected complexity. Christensen stated that changes in the SKY token economy make it a deflationary token, opening the door for new Star strategies to be introduced and allowing more Stars to launch and operate flexibly.
Under the new model, each of these DAOs will establish a foundation upon launch, responsible for controlling the management incentives pool and making decisions quickly. The first DAO in the Sky ecosystem is Spark, which will use this foundation model to enhance its operations and autonomy. The Spark ecosystem is working on launching a token and delivering the SPK airdrop as soon as possible.
Christensen believes that with the new SKY and Star token economic models, as well as the shift towards the foundation model, creating new Stars will become easier. He expects more founders and teams to join Sky next year and create their own Stars.
