As a seasoned crypto investor who’s been through numerous rebrands and token migrations, I can’t help but feel a mix of excitement and apprehension about Sky’s plans for 2025. Rune Christensen’s announcement of a full migration from MKR to SKY next year is intriguing, especially considering the complexity of such a transition in the ever-evolving crypto world.
In the upcoming year, the decentralized lending platform previously known as Maker, now called Sky, plans to expedite its transition from MKR to SKY tokens, building upon the significant rebranding that occurred in August.
Rune Christensen, one of Sky’s co-creators, expressed in his Dec. 18 wrap-up to X that a significant focus will shift towards completely moving MKR to SKY by the year 2025. This step is intended, in part, to alleviate any confusion surrounding the MKR and SKY tokens.
In the words of Christensen, the MKR token holders won’t find themselves at risk of losing their funds. Instead, he suggests that forthcoming proposals necessitate migration as a prerequisite for utilizing the token effectively.
As a forward-thinking crypto investor, I eagerly anticipate the forthcoming disclosures and comprehensive details regarding the transition and transformation of MKR into SKY, which is expected to unfold in 2025.
As a researcher, my aim is to strive for a future where platforms such as CoinGecko and various exchanges exclusively adopt the cryptocurrency SKY. In this scenario, MakerDAO’s MKR token would serve as a historical wrapper, symbolizing ownership of 24,000 SKY for every MKR token held.
During a governance vote on November 11, participants chose SKY as the primary token that will underpin the entire system.
In the same survey, they also agreed on specifying tokenomics as deflationary, which involves a gradual decrease in the overall supply over time and an incineration process (burn mechanism) to reduce the circulating supply.
More Star DAOs coming in 2025
In addition, Sky intends to introduce additional subDAOs in the year 2025, referred to as Stars. As per Christensen, the shift towards deflationary tokenomics in SKY has paved the way for a novel Star strategy, allowing for multiple launches and increased autonomy of operation.
In the updated setup, the subDAOs will debut alongside a governing body responsible for managing the incentive fund designated for employees and making prompt decisions.
The initial sub-DAO, Spark, is set to debut as the pioneering entity within the constellation of Sky’s ecosystem, adopting a base blueprint for its operation.
According to Christensen, the recent changes in SKY and Star’s economic structure, moving towards a foundation model, significantly simplifies the process of generating Stars.
He mentioned that next year, Sky plans to bring on more founders and teams to help establish their own divisions within the company.
In October, Sky was contemplating returning to its original manufacturer’s name following the perceived confusion and unfavorable responses that arose from its rebranding in August.
In a poll held on November 4, 79% of token holders decided to maintain the Sky brand as the backend protocol’s branding, with no additional alterations planned at this time.
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2024-12-19 05:12