Sky Protocol's Governance Token Soars as Staking Rewards Ignite Frenzy

SKY Token Surges Over 8% in 24 Hours

Hold onto your hats, crypto fans! Sky Protocol's governance token, SKY, has rocketed more than 8% in the last 24 hours. The surge kicked off as staking rewards for the token went live, sending the price soaring to a high of $0.073.

From MKR to SKY: A Rebranding Success

Just fresh off a rebranding from Maker (MKR), the SKY token has been on fire, ranking among the top gainers. The price spike came hot on the heels of the decentralized finance platform's announcement that staking rewards with the USDS stablecoin are now live for SKY stakers. Talk about a game-changer!

USDS rewards are now live for SKY Staking. SKY stakers, you're in for a treat! You'll get access to USDS rewards based on the protocol's performance while still having a say in governance through direct voting or delegation. It's the best of both worlds!

SKY Bounces Back from Recent Lows

SKY didn't just climb; it rocketed from a low of $0.065 to break above $0.073, recouping most of the losses it saw when the altcoin took a nosedive alongside the broader market on May 29. At the time of writing, the token was hovering at $0.070, with some traders cashing in on their profits.

Staking Goes Live: MKR to SKY Upgrade Required

The staking feature for SKY went live after the token got the green light to become the sole governance token of the protocol on May 19. If you're still holding MKR, listen up! You'll need to upgrade your tokens to SKY to enjoy the perks, like participating in governance and staking to rake in those sweet rewards on your SKY tokens.

USDS Rewards: Earn Half the Surplus Revenue

With the launch of USDS rewards for SKY staking, holders can now earn based on Sky Protocol's performance. And get this—you can pocket half of the surplus USDS revenue. That's right, half!

USDS: Sky Protocol's Upgraded Stablecoin

The USDS stablecoin, formerly known as DAI, is Sky Protocol's upgraded token, pegged to the U.S. dollar. Network participants can earn rewards via Sky's Savings Rate while keeping control of their assets. It's like having your cake and eating it too!

MKR to SKY Swap: Act Now or Face Penalties

MKR holders, you've got a golden opportunity to upgrade and swap your tokens for SKY at a fixed rate of 1 MKR for 24,000 SKY. But don't drag your feet! Sky Protocol will hit you with a time-based penalty starting September 18, 2025, if you haven't upgraded by then. The MKR token was trading at $1,679 at last check.

Sky Protocol: A DeFi Powerhouse

Despite the rebranding from Maker, Sky remains a leading DeFi lending protocol. According to the latest data, the total value locked in the protocol stands at a whopping $5.21 billion. Sky Protocol is still soaring high in the DeFi space!