From Maker to Sky: What MKR Holders Need to Know

The Maker to Sky transition is underway, marking a pivotal shift for one of DeFi’s first movers. In November 2024, MakerDAO’s community voted to rebrand as part of its endgame plan to expand stablecoins and launch subDAOs. Beginning in September 2025, �鶹ԭ�� will phase out MKR tokens on its platform and list SKY.

SKY Takes the Reins

With the transition, SKY now carries the governance functions and privileges that MKR once controlled. By holding SKY, users also gain access to staking rewards through Sky.money, creating new ways to participate in protocol growth. �鶹ԭ�� does not currently support the native SKY governance functions and privileges, or staking functionality on the �鶹ԭ��.�� Despite losing its governance role in the Sky Protocol, MKR is expected to continue trading on exchanges, as it remains a widely recognized token.��

Upgrade to SKY Before the Deadline

The DAO has encouraged MKR holders to swap to SKY in order to maintain their native governance rights and help strengthen the Sky Protocol. Each MKR token will convert into 24,000 SKY. Starting September 18, 2025, a protocol penalty will gradually reduce the amount of SKY received for late upgrades, increasing over time. Holders who swap before the deadline will not be affected.

New Features in the Sky Protocol

At launch, SKY will be supported by the Smart Burn Engine, and it is being reported that additional features will roll out during Sky Launch Season. Sealed Activation and Regular Activation will reward eligible users with USDS and tokens for their participation in governance, though access to these features will be restricted in certain regions.

How �鶹ԭ�� Is Getting Ready for Sky

To prepare for the migration, �鶹ԭ�� will adjust support for MKR and SKY as follows:

MKR trading: disabled starting September 7, 2025
MKR deposits and withdrawals: disabled starting September 9, 2025
Migration: all MKR held on �鶹ԭ�� will automatically convert to SKY after September 9, 2025, at a ratio of 1 MKR = 24,000 SKY

SKY support (via the Ethereum network) on �鶹ԭ�� will then roll out in stages :

September 9, 2025: deposits enabled
September 10, 2025: withdrawals enabled
September 18, 2025: trading goes live

After September 18, 2025, SKY will be fully available for deposits, withdrawals, and trading on �鶹ԭ�� via the Ethereum network.

For further details about the migration, visit .��

Have more questions for �鶹ԭ��? Contact our support team. Staying informed means keeping an eye on what’s happening across crypto projects. Learn more in our education series on the �鶹ԭ�� Blog.

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