Decentralized Lending Platform Sky Launches Staking Feature for Governance Token SKY
The decentralized lending platform Sky (formerly known as Maker) officially launched its staking feature for the governance token SKY on Monday, allowing token holders to earn rewards denominated in the platform’s stablecoin USDS.
Since the introduction of the SKY staking feature, the token’s price has increased by over 20%, with a trading price of $0.079 as of the time of writing.
As part of the “Endgame” plan, Maker is undergoing a major rebranding in 2024, changing its name to Sky and introducing several new features, including the launch of the decentralized US dollar stablecoin USDS (a new version of the native stablecoin DAI) and the replacement of MKR with the governance token SKY.
On May 19, the SKY token became the sole governance token of the protocol after related proposals were approved, and the staking feature was also approved and officially activated yesterday. SKY stakers can now earn USDS rewards based on the performance of the Sky protocol, with stakers entitled to half of the USDS surplus earnings, while also participating in ecological governance through direct voting or delegation.
According to information from the Sky official website, the total value locked (TVL) in the Sky staking engine has reached $567 million, with 570 stakers, and the staking reward rate is 16.09% as of the time of writing.
MKR holders can currently upgrade their tokens to SKY at a ratio of 1:24000. If the upgrade is not completed by September 18, 2025, the Sky protocol will begin to implement a time penalty mechanism. The trading price of MKR at the time of writing is $1,909.