RuneChristensen,founderofSky(formerlyMakerDAO),hasproposedastrictlydeflationaryapproachtotheprotocol’sgovernancetokenasthecommunitypreparestovoteonwhethertorevertitsbrandornotonNov.11.
Christensenexplainedthattheproposedchangeswouldaffectthegovernancetokensupply,whetheritcontinuesasSKYorpivotsbacktoMKR.
Deflationarytokenomics
Ifapproved,theproposedtokenomicswouldeliminatetokenemissionsunderregularconditions,transformingthetokenstructuretobestrictlydeflationary.
Theburningmechanism,integraltoMaker’stokenomics,wouldpermanentlyreducethetotaltokensupplyovertime.Anexceptiontothisrulewouldexistonlyincasesofsignificantfinancialshortfall,potentiallyjeopardizingMaker’sstablecoins—SkyDollar(USDS)andDAI.
Undertheproposal,theecosystemwouldintroduce“StarTokenRewards,”includingSpark(SPK),whichtokenholderscouldearnthroughgovernanceparticipationandactivationofMaker’sSealEngine,addingnewincentivesforengagementwhileadheringtothedeflationarymodel.
Distinctscenariosahead
ThecommunityvotewillalsodecidewhethertoretaintheestablishedMakerbrandorfullyadopttheSkyidentity.IftheSkybrandwins,MakerDAOplanstomigratetheentireMKRecosystemintoSKY,rebrandingMKRtokensasWrapped24kSkyTokens(SKY24K).
ThistransitionaimstopreventconfusionaboutlegacyMKRtokensandavoidrequiringholderstomakeanychangestotheirexistingpositions.Theswitchwouldsimplifyintegration,enablingMKRholderstoaccessSealEnginefeaturesandgovernancewithoutcomplications.
IntheeventthattheMakerbrandprevails,Skywouldshiftintoanauxiliaryroleasa“Star,”promotingadoptioninawaycomplementarytoSpark,whichprimarilydrivescollateralandborrowingactivity.Underthisstructure,Sky’stokenwouldberenamedOLD_SKY,convertiblebacktoMKRatafixedrateof1:24000,or,foralimitedtime,exchanged1:1fortokensgoverningtheSkyStar.
Dual-Starsystem
Christensen’sproposalenvisionsSparkandSkyascomplementary“Stars”withinMaker’secosystem,targetingboththesupplyanddemandsides.
WhileSparkwouldfocusoncollateralallocationandborrowingincentives,SkywouldconcentrateonbuildingadoptionthroughUSDSutilization.SkywouldalsocontroltheSky.moneyplatformandoperatewithanAccessibilityRewardsystem,providingincentivesforprojectsthatincreaseUSDSadoption.
Initsinitialphases,SkywillhaveexclusiveaccesstotheAccessibilityRewardsystem,whileSparkwillholdexclusiverightstoMaker’sAllocationSystem.ThistemporarydistinctionaimstostreamlineeachStar’sfocusastheecosystemgrows.
ThefinalvoteonthisproposalwilltakeplacefromNov.11toNov.14,withadditionaldetailstobereleasedinthecomingdays.MakerDAOispositionedtostrengthenitsfoundationalstructures,eitherwitharenewedMakerbrandorastreamlinedSkytransition,fosteringsustainablegrowththroughexpandedUSDSandamoreengaged,incentivizedcommunity.
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