MKR to SKY upgrade update (delayed penalty kicks in very soon):
68% of MKR has already been upgraded to SKY now, and ~13B SKY is currently staked - that's about 55% of the circulating supply, which is pretty big participation.
77% of the staked SKY is earning USDS rewards, and the rest is earning SPK rewards.
For anyone still holding MKR, heads up that the delayed upgrade penalty kicks in Sep 22 2025 ( assuming governance vote confirms this). The penalty for MKR -> SKY then starts at 1% and increases by 1% every 3 months, reaching 100% over 25 years.
There is no penalty for upgrading before Sep 22. The upgrade process is still voluntary.
But the longer you wait, the more rewards you lose for no real reason. You can stake SKY and earn USDS or SPK today.
*FYI I've partnered with SKY on a few updates around the upgrade
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