First published 20 September 2024, two days after the new tokens were live. Expanded in October 2026 so a redenomination is not read as a cheap coin, and so four tickers stay four tickers. Sky is the name Maker took for the system that issues Dai. SKY is the later governance token. MKR is the earlier one. DAI is the dollar token this system has minted since 2017. USDS is a later dollar token you can convert from DAI. What is Dai (DAI)? is that dollar. This page is the governance token people are now shown in its place.
The tokens launched on 18 September 2024. Holders were told they could convert, and that DAI and MKR would keep working if they did not. Conversion is a transaction you sign. It is not something the protocol did to every wallet overnight. A guide that says “the ticker is SKY now” has collapsed four tokens into one.
Twenty-four thousand is a split, not a sale
The protocol rate is one MKR for 24,000 SKY. A unit of SKY is a slice of the old vote. A small price next to MKR’s price is what a split looks like. It is not a discount, and it is not a statement that governance got cheaper in any sense that matters. Market cap, if you insist on one number, has to pick a supply. Mixing an MKR price with a SKY supply, or the reverse, invents a figure.
At launch the project described the move as optional and, in some of its own notes, reversible. The converter documentation since then describes MKR into SKY as the direction the protocol performs. Turning SKY back into MKR is a trade on a market, not that converter. Governance can attach a penalty that reduces how much SKY one MKR receives. The rate on the day you sign is the rate, including a fee if one is switched on. Read the transaction. A wallet signature is not a handshake.
What SKY does not pay you
SKY votes. It is not the deposit, and it is not the debt. USDS is the later dollar. A savings rate on USDS, and a rewards programme that pays SKY to people who hold USDS, are parameters. The project said those rewards were not offered in some countries, including the United States and the United Kingdom. A parameter is not a bank account. Staking is a lock and a queue, not a savings account is the neighbouring idea, and this is closer to a rewards contract than to a stake. The rate in a screenshot is the rate that day.
All of these tokens are on Ethereum unless you are holding a bridged copy, which is a different token. The wrong network is still the wrong city. A site that says your MKR must be upgraded, and asks for a recovery phrase, is not the Sky converter. Nothing here is an instruction to convert, hold, or buy SKY.
