According to an announcement made on August 27 by MakerDAO co-founder Rune Christensen, Sky is the next step in MakerDAO’s evolution, and is set to launch on September 18. The transition is apparently the result of over two years of development aimed at introducing new features and improving user interaction within the decentralized finance (DeFi) ecosystem. Sky represents a significant update to the existing MakerDAO protocol, with changes focused on improving accessibility, governance, and scalability.
At the heart of Sky are two new tokens, USDS and SKY. USDS is a stablecoin that users can convert from their existing DAI or USDC holdings on a one-to-one basis. This token will play a key role in the Sky ecosystem, facilitating various interactions within the platform. Meanwhile, SKY serves as the new governance token, replacing MKR. MKR holders will have the ability to upgrade their tokens to SKY, thereby participating in the governance of the Sky ecosystem. The governance model remains decentralized, allowing users to influence decisions that shape the future of the protocol.
One of the key elements of Sky is the Sky.money platform, a decentralized application designed to be the main gateway for users to engage with the Sky ecosystem. Sky.money simplifies the process of managing USDS and SKY tokens, providing a user-friendly interface that does not require extensive technical knowledge. This platform is intended to lower the barriers to entry for users, making decentralized finance more accessible and easier to navigate. Through Sky.money, users will be able to interact with the protocol’s various features and manage their assets within the ecosystem.
In addition to these updates, Sky is introducing a new concept known as Stars. Stars are smaller, specialized ecosystems within the broader Sky framework, each focused on a particular area of decentralized finance. The first of these stars, Spark, is designed to offer specific services and innovations tailored to the needs of particular niches within the DeFi space. Spark will continue to build on its existing foundations, expanding its role within the Sky ecosystem. Stars like Spark operate semi-independently but remain an integral part of the overall Sky protocol, allowing for more targeted development and service delivery in specific areas.
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