The protocol has repurchased about 1.83 Billion SKY tokens with USDS while a March 2 governance proposal reduced staking emissions and expanded credit infrastructure around its USDS stablecoin.
The proposal to buy back tokens with protocol revenues is intended as a new value accrual mechanism for tokenholders.
The CeDeFi stablecoin has attracted billions of inflows due to double-digit staking yields.
Sky is offering $500,000 in USDS rewards for early adopters and stablecoin liquidity providers.
The DeFi project Sky has retained its new brand identity rather than revert to MakerDAO following a community vote. Polling data revealed that 79.3% of votes supported maintaining the Sky brand as the core protocol name. In contrast, about 18.46% backed a “limited brand refresh” under MakerDAO, while a mere 2.2% preferred a full reversion […]
The post MakerDAO community decides to continue Sky rebrand amid centralization concerns in vote appeared first on CryptoSlate.
Just four MKR whales constituted 98% of the voting power in favor of sticking with the Sky rebrand.
The vote was passed with 88% in favor of offloading WBTC collateral from the Sky lending platform.
The team behind Sky, formerly Maker, wants to drop WBTC due to what it claimed were recent changes in ownership and control “likely involving Justin Sun or affiliates.”
A “decentralized governance” body could decide the fate of frozen USDS if the stablecoin goes ahead with a freeze feature, says Sky co-founder Rune Christensen.
The plan would create markets for DAI-replacement USDS on Aave.