The Sky core team submitted a governance token upgrade proposal to fully convert MKR into SKY.

According to Gate.io News bot, TheBlock reported that the core governance team of Sky, Atlas Axis, submitted a new proposal to the community, planning to fully upgrade the governance token of the Sky ecosystem from MKR to SKY.

Sky is renamed from Maker in 2024 through the “Endgame” strategy, having previously launched USDS and SKY tokens to replace DAI and MKR respectively. According to the proposal, MKR holders can convert tokens to SKY at a ratio of 1:24000. Starting from September 18, a conversion fee of 1% will be charged, increasing by 1% every three months.

Once the proposal is approved, all governance rights will be transferred to the SKY Token. The conversion process is expected to be completed between May 15 and 19, with the exact timing to be determined by on-chain voting. Currently, the supply of USDS has exceeded 7.5 billion.