Sky Community New Proposal: Sky replaces MKR as the only governance token and implements staking and USDS rewards

PANews reported on May 1 that according to The Block, Sky's core governance design team Atlas Axis submitted a proposal that will complete the upgrade of the agreement from MKR to SKY if the proposal is approved. This transformation will make SKY the exclusive governance token and enable the staking feature to unlock USDS rewards for SKY holders. Sky co-founder Rune Christensen called it a "huge milestone" and believes the proposal could help Sky achieve a zero-fixed cost transformation by the end of 2025. If the proposal is approved or activated within a few weeks, SKY will inherit the voting rights of MKR. Existing MKR holders can upgrade to SKY at a fixed exchange rate of 1:24,000, and can also vote on governance proposals or entrust others. Starting from September 18, MKR will face a 1% penalty for transferring to SKY, and will increase by 1% every three months thereafter. The initial SKY pledge vault will disable the liquidation function and will be restored later. Governance permissions will be moved to the new contract, with the transition completed from May 15 to 19 (depending on on-chain voting).