Sky Launches Executive Voting Process, Suggesting Modifications to Savings Rates, Stability Charges, and More

Decentralized blockchain protocol, Sky Sky has unveiled its latest Executive Vote. Proposed changes to the Sky Protocol will come into effect 16 hours post the voting completion once approved by the Sky Ecosystem Governance. These alterations aim to bolster the protocol's performance and refine user experience.

The proposal highlights several crucial modifications. The savings rate is poised to rise to 9.5%, whereas the Dai Savings Rate (DSR) will be modified to 8.5%. The stability fee structure will also see adjustments. For collateral on Ethereum, the ETH-A stability fee is expected to climb to 9.25%, ETH-B to 9.75%, and ETH-C to 9%. Additionally, the WSTETH stability fees will change, with WSTETH-A rising to 10.25% and WSTETH-B to 10%. Wrapped Bitcoin (WBTC) stability fees will also be updated, with WBTC-A increasing to 12.25%, WBTC-B to 12.75%, and WBTC-C to 12%.

Moreover, the proposal includes a revision to the Aave Lido Market USDS Direct Deposit Module (DDM) parameter, raising the maximum debt ceiling to 200 million USDS. The vote also features a Spark Proxy Spell that, if approved, will influence users of SparkLend and Spark’s Morpho Vaults. Other updates encompass modifications to the ALLOCATOR-SPARK-A DC-IAM parameter, elevation of the Surplus Buffer Upper Limit, and an extension to the GSM Pause Delay.

Sky confirms that endorsing this proposal will link MKR/SKY tokens with the designated actions. The GSM Pause Delay ensures that any approved modifications will only be executed after a 16-hour evaluation period, allowing effective governance oversight. This governance initiative demonstrates Sky's dedication to refining its ecosystem while addressing the evolving needs of its community.

MakerDAO Rebrands To Sky 

Sky, previously known as MakerDAO is a lending protocol crafted to instill stability within the cryptocurrency economy by utilizing an innovative dual-token system. This setup features DAI, a stablecoin backed by collateral that maintains price stability, alongside MKR, which serves as the governance token for community oversight and maintenance of the protocol. MKR holders play an essential role in steering the Maker Protocol, which is supported by a diverse network of stakeholders, including external contributors and the wider community.

Earlier this fall, MakerDAO transitioned to a new brand identity, now known as Sky. This alteration is a key component of the project's expansive 'Endgame' strategy, introducing notable upgrades across its ecosystem. As part of this strategy, DAI holders can opt to switch to a new stablecoin called Sky Dollar (USDS) at a 1:1 conversion rate. USDS brings added benefits, providing access to native token rewards, thereby increasing its attractiveness. Simultaneously, the governance token MKR is set to transform into SKY following an upgradeable structure, with a conversion standard of 1 MKR equating to 24,000 SKY tokens.