Sky, formerly known as Maker, the longest-standing DeFi lending protocol, has announced that the Sky Protocol’s native tokens, the USDS stablecoin, and the SKY governance token, are now live and available for users to upgrade into with their DAI and MKR tokens, respectively. Coinciding with this, the Sky.money Web App is now also live, granting eligible users access to the key features of the Sky Protocol.
Rune Christensen, co-founder of MakerDAO, now Sky, said: “Sky – underpinned by the USDS and SKY tokens – allows people to get involved and enjoy the benefits only possible through a decentralized financial system. Sky’s native ecosystem token rewards are an example of something that no TradFi account or centralized stablecoin can provide, letting you truly take control of your finances and get rewarded for doing so. This is a milestone in Sky’s commitment to growing DeFi through accessibility.”
Among the key new features of the Sky Protocol is the ability for eligible users to supply USDS or SKY to access the Sky Token Rewards (“STRs”). This enables users to accrue native token rewards over time without a minimum supply requirement. Chronicle, the decentralized Oracle network that has exclusively secured the Maker Protocol since 2017, is the first partner within the Sky Ecosystem to join the Sky Stars, launching Chronicle Points. Token holders can now choose to supply their USDS to receive Chronicle Points.
Holders of Maker’s native tokens can opt to upgrade DAI to USDS at a 1:1 ratio and MKR to the SKY governance token at a rate of 1:24,000. Upgrading enables eligible users to take full advantage of the new Sky features. This includes token rewards and access to the Sky Savings Rate–now known as “SSR,” formerly DSR—allowing users to supply USDS tokens into the SSR module to programmatically receive sUSDS.
The sUSDS serves as a digital record of the supplied USDS and any accrued rewards returned in USDS. sUSDS can be traded at any time or converted to the original USDS and accrued USDS rewards. The decision to upgrade is optional, meaning users can continue using DAI and MKR as they have functioned previously. Further, USDS and SKY can be converted back into DAI and MKR, respectively, at the user’s discretion.
The Web App is one of the non-custodial gateways to the decentralized Sky Protocol and its core features. Accessible to eligible users via the Sky.money website, the Web App is designed to provide a user-friendly means of accessing Sky Ecosystem tokens, upgrading DAI and MKR to the new Sky tokens, and accessing Sky Token Rewards as well as the SSR.
Rune Christensen commented, “Sky.money makes accessing and exploring different features of the Sky Protocol easy. By simply holding SKY, the community has freedom of choice as to how to use their assets in the ways that suit them, for example supplying Sky tokens to receive Chronicle Points and getting involved with a project that is raising the industry standard for Oracle networks. This type of innovation, combined with a collaborative approach—as evidenced by the recent creation of the Sky Aave Force—makes it abundantly clear that while DeFi stands at an inflection point, Sky will be at the very forefront of shaping that future.”
About the Sky Protocol
The Sky Protocol, formerly known as the Maker Protocol, is a decentralized protocol with the protocol native USDS stablecoin at its core. The Sky Protocol features native Sky tokens (i.e., USDS, SKY, DAI, MKR), the SSR, STRs, Activation, and Sealed Activation Rewards, and more. It is managed by Sky’s decentralized community governance.
For more information about the Sky Protocol, visit sky.money, Discord, or X (@skyecosystem).
About the Chronicle Protocol
Chronicle, the original oracle on Ethereum, is a novel, blockchain-agnostic Oracle solution that has exclusively secured up to $22B in assets for the Maker Protocol and its ecosystem since 2017. Chronicle’s mission is to deliver on DeFi’s vision of transparency and decentralization. To solve the tradeoffs between security, decentralization, and cost, Chronicle spearheaded a breakthrough in Oracle network architecture by developing Scribe, a gas-efficient Oracle based on aggregated Schnorr signatures. In doing so, Chronicle is raising the industry standard for Oracles by delivering more security, more transparency, and more resilience at a lower cost.
For more information about Chronicle, visit chroniclelabs.org, Discord, or X (@chroniclelabs).