Sky Protocol launches SKY token as new governance standard, urges MKR holders to upgrade promptly
The post Sky Protocol launches SKY token as new governance standard, urges MKR holders to upgrade promptly appeared on BitcoinEthereumNews.com. An important shift is taking place in the decentralized finance space. Sky Protocol, which used to be known as MakerDAO, is rebranding and moving forward with a new token that will act as the “exclusive governance asset” for its ecosystem. Meanwhile, the MKR token has been “retired from all governance responsibilities” and is on a trajectory to a skyward future. The current holders of MKR tokens are being urged to upgrade their holdings to SKY, lest that influence and benefits the holders get from the ecosystem be lost as the MKR fades into obsolescence. This alteration embodies a decisive movement in the arrangement and appearance of the future decentralized governance, staking, and performance-based incentives envisaged by the Sky Protocol team. This remaking of Sky Protocol, according to the team, is not simply a rebranding effort. It represents a complete makeover—a total transformation from a governance model based largely in Web2 to one designed for Web3. If this next-generation governance system works, it should allow for totally decentralized decision-making by a community of nearly 6,000 Sky Protocol token holders. From MakerDAO to Sky Protocol: A New Era of DeFi Governance Sky Protocol signals the evolution of MakerDAO—not only one of the earliest but also one of the most influential DeFi projects—into an even more expansive and forward-thinking protocol. With the introduction of the SKY token, governing MakerDAO becomes even simpler and fairer. The SKY token offers even greater accessibility and flexibility to users, and it incentives long-term performance of the protocol by linking much of its governance directly to the performance of SKY. The governance model we are introducing empowers holders of the SKY governance token with an array of rights, including the right to vote on protocol changes (as well as the ability to direct this voting power to trusted…
The post Sky Protocol launches SKY token as new governance standard, urges MKR holders to upgrade promptly appeared on BitcoinEthereumNews.com.
An important shift is taking place in the decentralized finance space. Sky Protocol, which used to be known as MakerDAO, is rebranding and moving forward with a new token that will act as the “exclusive governance asset” for its ecosystem. Meanwhile, the MKR token has been “retired from all governance responsibilities” and is on a trajectory to a skyward future. The current holders of MKR tokens are being urged to upgrade their holdings to SKY, lest that influence and benefits the holders get from the ecosystem be lost as the MKR fades into obsolescence. This alteration embodies a decisive movement in the arrangement and appearance of the future decentralized governance, staking, and performance-based incentives envisaged by the Sky Protocol team. This remaking of Sky Protocol, according to the team, is not simply a rebranding effort. It represents a complete makeover—a total transformation from a governance model based largely in Web2 to one designed for Web3. If this next-generation governance system works, it should allow for totally decentralized decision-making by a community of nearly 6,000 Sky Protocol token holders. From MakerDAO to Sky Protocol: A New Era of DeFi Governance Sky Protocol signals the evolution of MakerDAO—not only one of the earliest but also one of the most influential DeFi projects—into an even more expansive and forward-thinking protocol. With the introduction of the SKY token, governing MakerDAO becomes even simpler and fairer. The SKY token offers even greater accessibility and flexibility to users, and it incentives long-term performance of the protocol by linking much of its governance directly to the performance of SKY. The governance model we are introducing empowers holders of the SKY governance token with an array of rights, including the right to vote on protocol changes (as well as the ability to direct this voting power to trusted…
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