A new Executive Vote is live. If approved, the Phase One of the MKR to SKY upgrade will be executed, enabling the following actions:

• Define the governance token upgrade process from MKR to SKY.

• Disable SKY-to-MKR conversion.

• Launch a new MKR-to-SKY converter contract at a fixed 1:24,000 rate with an adjustable penalty.

• Enable SKY as the governance token of the Sky Ecosystem.

• Launch SKY staking with new collateral parameters.

Alongside other additional changes required to complete the upgrade from MKR to SKY.

This executive proposal includes an office-hours modifier that means that it can only be executed between 14:00 and 21:00 UTC, Monday - Friday.