Rune Christensen, founder of Sky (formerly MakerDAO), proposed It's a strictly deflationary approach to the protocol's governance tokens as the community prepares to vote on whether to reinstate the brand on November 11th.
Christensen explained that the proposed changes will impact the supply of governance tokens, whether they continue as SKY or revert to MKR.
defletokenomics
If approved, the proposed tokenomics would eliminate token ejection under normal conditions, turning the token structure into a strictly deflationary one.
The write mechanism that is integral to Maker’s tokenomics permanently reduces the total supply of tokens over time. Exceptions to this rule exist only in cases of significant funding shortfalls, which could put Maker's stablecoin at risk. Sky Dollar (USDS) and large.
Under the proposal, the ecosystem would introduce “Star Token Rewards”, including Spark (SPK), which token holders could earn through governance participation and activation of the Maker's Seal engine, adhering to a deflationary model. while adding new incentives for engagement.
Different future scenarios
The community's vote will decide whether to keep the established Maker brand or fully adopt the Sky identity. If the Sky brand wins, MakerDAO plans to migrate the entire MKR ecosystem to SKY and rebrand the MKR tokens as Wrapped 24k Sky Tokens (SKY24K).
This transition aims to prevent confusion regarding legacy MKR tokens and ensure that holders do not have to make changes to their existing positions. This switch simplifies integration and allows MKR holders to access Seal Engine functionality and governance without complications.
If the Maker brand becomes popular, Sky will likely move into a supporting role as a “star” to drive adoption, complementing Spark, which primarily drives collateral and borrowing activity. Under this structure, Sky's tokens will be renamed to OLD_SKY and exchanged back to MKR at a fixed rate of 1:24000 or exchanged 1:1 with the token governing Sky Star for a limited time.
dual star system
Christensen's proposal envisions Spark and Sky as complementary “stars” within the maker ecosystem, targeting both the supply and demand sides.
Spark will focus on collateral allocation and borrowing incentives, while Sky will focus on driving adoption through the use of USDS. Sky also manages the Sky.money platform, which operates on an accessibility rewards system and provides incentives for projects that increase USDS adoption.
Initially, Sky will have exclusive access to the Accessibility Rewards System and Spark will hold exclusive rights to the Maker's Allocation System. This temporary distinction is intended to streamline the focus of each star as the ecosystem grows.
Final voting on the proposal will take place from November 11th to November 14th, with additional details expected to be announced soon. MakerDAO is positioned to strengthen its infrastructure with either a renewed Maker brand or a streamlined Sky transition and drive sustainable growth through USDS expansion and a more engaged and incentivized community.
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