Sky, the main protocol Defi, formerly known as Makedao, seeks to finalize the migration of his MKR governance token in Sky.
The proposal was published On the Sky governance forum on May 1 and will be subject to community comments before being put in a chain vote on a later date.
The proposal includes the activation of the showcase of the sky and the USDS rewards for heaven's holders, the transfer of governance processes to the sky -based vote and the deactivation of migration from the sky to MKR.
Makerdao revises operations with Sky-Mkr Pivot
Makerdao renamed Sky in August as part of the latest part of the protocol roadmap, which sought to simplify the project in parallel with a brand review and the introduction of new tokens. According to Sky, only 14% of MKR's supply has been migrated to Sky since the new token was put online in September.
Sky also launched a new Stablecoin, USDS, which attracted more than $ 4 billion in migration. However, more than $ 3 billion in liquidity remain in the form of its original stablecoin, DAI, according to Coingecko. The combined market capitalization of the stablecoins ranks third behind the USD part of the Circle.
Endgame facilitates the reorganization of the protocol in subdaos called stars, each with a distinct governance mechanism and a token. Spark, the first Subdao of Sky, which includes a fork of the Aave V3 Money Market protocol, currently has a total locked value (TVL) of $ 4.5 billion, according to Defilma.
Although Sky is the fourth DEFI protocol with a TVL of $ 6.14 billion, the protocol underwent the heaviest draw among the 10 best DEFI projects in April with a drop of 21%.
Multi-chain expansion of Sky
Sky has sought to extend to new networks since he suffered his brand change, with the project launch USDS SUR Solana in November. Users quickly migrated nearly $ 92 million from USD on Solana by December, with the USD market capitalization $ 111.4 millionAccording to blockanalitica.
Sky followed by deployment On the basic layer 2 network in January. This decision quickly proved to be successful, with $ 125 million from USD, based on the basis by the end of March. However, USDS 'market capitalization on the basis has dropped more than half, with $ 56.7 million in USD currently residing on the network.
Sky also launched on the arbitrum 2 layer in March. However, the adoption has been relatively slow, users who pay USD $ 20.2 million on arbitrum to date.
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