The MKR to SKY upgrade was initiated by a governance-aligned community vote to establish SKY as the exclusive governance token of the Sky Protocol. SKY is not just a new token — it is a technical and functional evolution of MKR. This means it fully inherits MKR’s previous governance role, while introducing improvements aimed at decentralization, scalability, and usability.
The conversion rate is set at 1 MKR = 24,000 SKY. While that may sound like a dramatic shift, it’s purely nominal and reflects SKY’s updated tokenomics.
The upgrade allows token holders to engage in Sky Ecosystem Governance using SKY — either by voting directly or by delegating their voting power to a trusted representative or smart contract.
The decision to transition from MKR to SKY came from within the community itself. The goal is to:
SKY builds on the foundation laid by MKR while introducing a more robust system for managing proposals and protocol upgrades.
SKY crypto is the native governance token of the Sky Protocol, which evolved from the original Maker ecosystem. It represents a modernized approach to decentralized governance, enabling holders to actively shape the direction of the protocol.
Unlike traditional utility tokens, SKY is specifically designed to integrate governance with broader functionality. Users can use SKY to:
The shift to SKY reflects a broader reimagining of the Maker ecosystem. With improved scalability, simplified architecture, and deeper utility, SKY crypto is positioned as a next-generation asset for protocol governance and community engagement.
To learn more about the migration and SKY token directly from the SKY team, you check out their page https://upgrademkrtosky.sky.money/
If you hold MKR on Bitbuy, you don’t need to do anything—your MKR will be automatically converted to SKY on September 3rd, 2025, at 12:00PM EST, at a rate of 1 MKR = 24,000 SKY. Once the upgrade is complete, SKY will be fully supported on the platform, meaning you’ll be able to deposit, trade, and withdraw as usual.
Here are the key details for the SKY token support on Bitbuy:
If you’d prefer to keep your MKR, you’ll need to withdraw it from Bitbuy before the upgrade takes place. After September 3rd, MKR deposits, withdrawals, and trades will no longer be available, and any open MKR limit orders will be cancelled.
It’s also important to note that the Maker network will apply a Delayed Upgrade Penalty starting September 18, 2025, for anyone who has not migrated their MKR to SKY. You can learn more about this penalty here.
SKY is the direct successor to MKR. It replaces MKR as the sole governance token and carries over all the same functions — with improvements in scalability and decentralization.
No. Bitbuy will upgrade your MKR to SKY automatically. The conversion will be done at a fixed rate of 1 MKR = 24,000 SKY.
Not anymore. Maker rebranded to Sky in 2024 to reflect its new direction. While the protocol remains decentralized and non-custodial, it now operates under the Sky Ecosystem, managed through Sky Protocol governance.
No. MKR will no longer be used for voting once the upgrade is complete. SKY will be the sole token for Sky Ecosystem Governance.
Bitbuy is a registered Canadian crypto trading platform that makes it easy to buy, sell, and hold digital assets like SKY. With robust security measures, transparent fees, and regulatory compliance, Bitbuy ensures that your crypto journey is safe, secure, and compliant with Canadian securities regulations.
If you’re looking for a trustworthy platform to manage your crypto — including new tokens like SKY — Bitbuy is here to help.
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