Sky Proposes New Token and Staking Upgrade in Final Move Away from Maker

By: crypto news|2025/05/02 19:15:01

Decentralized finance (DeFi) lending protocol Sky has introduced a pivotal governance proposal that would mark its final departure from Maker, the original foundation of the platform.The plan, posted on May 1 to Sky’s decentralized autonomous organization (DAO) forum, proposes replacing Maker’s MKR token with Sky’s own SKY token as the sole governance asset.The move would also enable staking for SKY holders, a long-awaited feature.Sky Sets Mid-May Timeline for Governance ShiftIf approved, the transition is expected to occur between May 15 and May 19.Importantly, users would no longer be able to downgrade from SKY back to MKR, signaling a full commitment to the new governance structure.Sky co-founder Rune Christensen hailed the proposal as a “huge milestone” and voiced strong support.He noted that the ability to revert from SKY to MKR has discouraged major exchanges from listing the token due to liquidity fragmentation concerns.“With this change, exchanges are likely to move faster in quickly adopting SKY,” Christensen said.To further encourage the transition, the proposal introduces a delayed upgrade penalty for MKR holders who are slow to migrate to SKY.Starting September 18, a 1% penalty would apply, increasing every three months. Users affected by the penalty would also receive fewer SKY tokens in exchange.A new governance proposal has been submitted to finalize the upgrade from MKR to SKY.It would enable SKY Staking, activating USDS rewards for SKY holders. If approved, this could be one of the final steps toward a transition to zero fixed costs by the end of 2025 directing... pic.twitter.com/aq9zm24b4H— Sky (@SkyEcosystem) April 30, 2025One of the core enhancements included in the proposal is the introduction of staking rewards tied to Sky’s decentralized stablecoin, USDS.These rewards will be distributed based on the income generated by the protocol, with an initial payout expected two to three weeks after the upgrade.According to Christensen, a 50% revenue splitter rate will apply.“This is one of the final pieces before Sky can eliminate fixed costs by the end of 2025,” Christensen said.“That will enable a larger share of income to support SKY buybacks and staking rewards.”To prevent potential price manipulation during the early stages of the transition, SKY liquidations will be temporarily disabled.Once market liquidity stabilizes, the DAO plans to lift the freeze and adjust risk parameters to their long-term targets.Sky Gains Popularity Among CommunitySky, which rebranded from Maker in August 2024, faced early backlash over the change.However, a community vote in November confirmed support for the new brand, with 79% favoring the continued use of the Sky name.Maker’s rebrand to Sky is a key component of its “Endgame” upgrade.The overhaul introduced USDS as a successor to the DAI stablecoin and SKY as a replacement for the MKR governance token, signaling the protocol’s evolution.A primary goal of the rebrand was to enhance the decentralization and sustainability of Maker’s governance mechanisms.Additionally, the launch of “Sky Stars” (formerly SubDAOs) aimed to enable independent business models, token-based governance, and treasury management within the Maker ecosystem.The post Sky Proposes New Token and Staking Upgrade in Final Move Away from Maker appeared first on Cryptonews.

Currently, most Web3 projects are still in the stage of functional fragmentation, often focusing only on a single aspect, such as IP asset tokenization, transaction functionality, or a simple incentive model. This structural dispersion has become a key bottleneck hindering the industry's scale application.

BeatSwap's approach is more integrated, integrating multiple core modules into the same system, including:

· IP authentication and on-chain registration

· Authorization-based revenue sharing mechanism

· User-engagement-driven incentive system

· Transaction and liquidity infrastructure

Through the above integration, the platform builds an end-to-end closed-loop path, allowing IP rights to complete a full cycle of "creation, use, and monetization" within the same ecosystem.

Expanding from Web3 to a broader market: Restructuring the music industry's supply-demand structure

BeatSwap is not limited to existing crypto users but is attempting to take the global music industry as a starting point, actively creating new market demand. Its core strategies include:

Exploring and incubating music creators (Artist discovery)

Building a fan community

Igniting IP-centric content consumption demand

The current global music industry is valued at around $260 billion, with over 2 billion digital music users. This means that the potential market corresponding to the tokenization and financialization of IP far exceeds the traditional crypto user base.

In this context, BeatSwap positions itself at the intersection of "real-world content demand" and "on-chain infrastructure," attempting to bridge the structural gap between content production and financial flow.

"Space" to Launch in Q2 2026: Building the Core of SocialFi

BeatSwap's upcoming core product "Space" is scheduled to launch in the second quarter of 2026. This product is defined as the SocialFi layer in the ecosystem, aiming to directly connect creators with users and achieve deep integration with other platform modules.

Key designs include:

A fan-centric interactive mechanism

Exposure and distribution logic based on $BTX staking

User paths connected to DeFi and liquidity structures

Thus, a complete user behavior loop is formed within the platform: Discovery → Participation → Consumption → Rewards → Trading

$BTX Token Mechanism: Evolving from an Incentive Tool to a Value Carrier

$BTX is designed to be a core utility asset within the ecosystem, rather than just a simple incentive token, with its value directly tied to platform activity and IP use cases.

Main features include:

· Yield distribution based on on-chain authorized actions

· Value reflection based on IP usage and user engagement dynamics

· Support for staking and DeFi participation mechanisms

· Value growth driven by ecosystem expansion

With the increased frequency of IP use, the utility and value support of $BTX will enhance simultaneously, helping alleviate the "disconnect between value and utility" issue present in traditional Web3 token models to some extent.

Accelerating Global Exchange Layout: Enhancing Liquidity and Accessibility

Currently, $BTX has been listed on several mainstream exchanges, including:

Binance Alpha

Gate

MEXC

OKX Boost

As the launch of "Space" approaches, BeatSwap is actively pursuing more exchange listings to further enhance liquidity and global accessibility, laying a foundation for future market expansion.

Beyond Web3: Aiming for a Larger-Scale Integration of Content and Finance Markets

BeatSwap's goal is no longer limited to the traditional Web3 narrative but aims to target over 2 billion digital music users and a trillion KRW-scale content market.

By integrating content creators, users, capital, and liquidity into a blockchain framework centered around IP rights, BeatSwap is striving to build a next-generation infrastructure focused on "IP tokenization."

Conclusion

BeatSwap integrates IP authentication, authorization distribution, incentive mechanism, transaction system, and market construction to establish a unified structure that bridges the full lifecycle path of IP rights.

With the launch of the Q2 2026 "Space," the project is expected to become a key infrastructure connecting content and finance in the IP-RWA (Real World Assets) track.

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