Sky, a decentralized finance (DeFi) lending platform, has proposed a significant upgrade by replacing its governance token from Maker to Sky (SKY) and enabling staking. The proposal, shared on Sky's DAO forum, aims to transition from MKR to SKY as the governance token by mid-May. Co-founder Rune Christensen views this as a crucial step for faster adoption by exchanges. The proposal also includes penalties for delayed upgrades from MKR to SKY, with a focus on enabling SKY staking and rewarding USDS stablecoin holders. The transition process involves temporarily disabling SKY liquidations to prevent price manipulation risks. Despite initial rebranding from Maker to Sky, the community voted to retain the Sky brand. This upgrade is seen as a key milestone towards reducing costs and enhancing protocol benefits for SKY holders. Read more AI-generated news on: https://app.chaingpt.org/news

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