Decentralized finance (DeFi) lending platform Sky has pitched a proposal to finalize its upgrade from Maker by replacing its governance token and enabling staking.
The proposal, posted on May 1 to Sky’s decentralized autonomous organization (DAO) forum, would see the Sky (SKY) token take over the Maker (MKR) token as the protocol’s governance token.
If the DAO accepts, the change would be slated to take place around May 15 to May 19 and downgrading from SKY to MKR would also be disabled.
Sky co-founder Rune Christensen said in response to the proposal that it was a “huge milestone,” which he “fully supports,” and laments that allowing users to downgrade from SKY back to MKR has been a “key limiting factor preventing exchanges from adopting SKY.”
“With this change, exchanges are likely to move faster in quickly adopting SKY without