On May 20, 2025 (SGT), Sky announced that SKY is now the sole governance token of the Sky ecosystem. MKR can be upgraded at a fixed rate of 1 MKR = 24,000 SKY.
To avoid the delayed upgrade penalty, please complete your swap before September 18, 2025, by following the steps below.
Guide
1. Switch to your ETH account in imToken, select MKR, tap the Token Function 🔘 in the lower-left corner, and choose "Upgrade" to open Summer.fi.
2. Scroll down to "Upgrade MKR to SKY." Click "Connect wallet" → "imToken" → "Sign message" to connect your wallet.
3. Enter the amount of MKR you want to swap, tap "Set allowance" to send the approval transaction. Once the approval transaction is confirmed, tap "Upgrade" to send the transaction that converts MKR to SKY.
4. After the transaction is confirmed, return to the ETH account home page, tap "+", search for SKY in the search bar, and add it to see your new SKY balance on the home page.
FAQs
Q1: Is there a deadline to upgrade MKR?
A: While there is no fixed deadline, a delayed upgrade penalty will apply. Upgrading early is highly recommended.
Q2. How does the delayed upgrade penalty work?
A: Starting 18 September 2025, the amount of SKY you receive per MKR decreases by 1% every three months. The reduction compounds, reaching 100 % after 25 years. Upgrades completed before 18 September 2025 are fully exempt.
Q3. Do I need to upgrade my DAI?
A: DAI is not affected by the MKR-to-SKY upgrade. You may continue holding DAI or swap it 1 : 1 for USDS, which has broader utility in the Sky ecosystem.
Q4. Which other DApps support swapping MKR or DAI?
A: Sky’s recommended DApps include Sky.money, DeFi Saver, and CoW Swap.
👉 Learn more about MKR upgrade
Sky official channels
- Official website：https://sky.money
- X（Twitter）：https://x.com/SkyEcosystem
- Forum：https://forum.sky.money/
- Discord：https://discord.com/invite/skyecosystem
Risk Warning: The content of this article does not constitute any form of investment advice or recommendation. imToken does not make any guarantees and promises for the third-party services and products mentioned in this article, nor assume any responsibility. Token investment has risks. You should carefully evaluate these investment risks and consult with relevant professionals to make your own decisions.