Rune Christensen, founder of Sky (formerly MakerDAO), recently proposed a strictly deflationary approach to the protocol’s governance token as the community prepares to vote on whether to revert its brand or not on Nov. 11. If approved, the proposed tokenomics would eliminate token emissions under regular conditions, transforming the token structure to be strictly deflationary. The ecosystem would introduce “Star Token Rewards,” including Spark (SPK), which token holders could earn through governance participation and activation of Maker’s Seal Engine, adding new incentives for engagement while adhering to the deflationary model.
The community vote will also decide whether to retain the established Maker brand or fully adopt the Sky identity. If the Sky brand wins, MakerDAO plans to migrate the entire MKR ecosystem into SKY, rebranding MKR tokens as Wrapped 24k Sky Tokens (SKY24K). In the event that the Maker brand prevails, Sky would shift into an auxiliary role as a “Star,” promoting adoption in a way complementary to Spark, which primarily drives collateral and borrowing activity. Under this structure, Sky’s token would be renamed OLD_SKY, convertible back to MKR at a fixed rate of 1:24000, or, for a limited time, exchanged 1:1 for tokens governing the Sky Star.
Christensen’s proposal envisions Spark and Sky as complementary “Stars” within Maker’s ecosystem, targeting both the supply and demand sides. While Spark would focus on collateral allocation and borrowing incentives, Sky would concentrate on building adoption through USDS utilization. Sky would also control the Sky.money platform and operate with an Accessibility Reward system, providing incentives for projects that increase USDS adoption.
The final vote on this proposal will take place from Nov. 11 to Nov. 14, with additional details to be released in the coming days. MakerDAO is positioned to strengthen its foundational structures, either with a renewed Maker brand or a streamlined Sky transition, fostering sustainable growth through expanded USDS and a more engaged, incentivized community.