Ticker: SKY, USDS

Network: Ethereum

Category: Governance Token (SKY), Stablecoin (USDS)

Contract Address: View SKY on Etherscan | View USDS on Etherscan

About SKY and USDS

The MakerDAO community has voted to upgrade its ecosystem to the Sky protocol, a governance and infrastructure framework designed to streamline decision-making, increase voter participation, and support long-term growth and scalability.

As part of this upgrade:

• MKR (Maker’s previous governance token) has been redenominated and rebranded to SKY at a rate of 1 MKR = 24,000 SKY.
• DAI (Maker’s decentralized stablecoin) has been upgraded to USDS.
• SKY is the technical and functional evolution of MKR, inheriting all governance powers and adding new opportunities for holders, including staking rewards and collateral functionality within the Sky protocol.
• USDS is the upgraded version of DAI, maintaining its stable, collateral-backed model but aligned with the Sky ecosystem’s updated governance and branding.

Key features of the Sky protocol

• Streamlined governance: SKY holders can vote directly on proposals or delegate voting power, making participation easier and more effective.
• Staking and borrowing: Through the Sky.money web app, SKY holders can stake tokens for rewards and generate or/borrow USDS against their holdings.

What will happen on Bitso

The upgrade will take place on September 3rd, 2025, during a scheduled maintenance window.

During maintenance (September 3rd, 2025, 10:00 AM – 3:00 PM Mexico City Time):

• All deposits, withdrawals, trades, and conversions for MKR and DAI will be temporarily paused.
• MKR and DAI balances will not be visible until the migration is complete.
• Any open orders for MKR and DAI will be automatically cancelled.

Migration reflected in your transaction history

As part of the MakerDAO migration, your current tokens will seamlessly move to their migrated versions on Bitso:

• MKR → SKY at a ratio of 1 MKR = 24,000 SKY

• DAI → USDS at a ratio of 1 DAI = 1 USDS

In your transaction history, you’ll notice a withdrawal of your current tokens and a corresponding deposit of your migrated version tokens. This confirms the migration happened successfully. Your new tokens will be available instantly, no action is needed.

This is a smooth step forward to keep your balances aligned with the latest MakerDAO standards.

Important: Do not deposit MKR or DAI

Once the migration begins on September 3rd, any deposit of MKR or DAI into your Bitso wallet will be irreversibly lost. After migration, please make sure to deposit only SKY or USDS into your Bitso wallet (once deposits are reopened).

FAQs

1. Why is Bitso upgrading MKR and DAI to SKY and USDS?
This upgrade follows MakerDAO’s protocol change and governance decision. The Sky protocol introduces a more efficient governance system, improved accessibility, and expanded utility for token holders.

2. Do I need to do anything for this migration?
No, Bitso will handle the entire process automatically. Your MKR will become SKY (1 MKR = 24,000 SKY) and your DAI will become USDS (1:1).

3. How will the migration be handled for MKR and DAI holders?

• Open orders will be cancelled automatically.
• MKR balances will convert to SKY (1 MKR = 24,000 SKY).
• DAI balances will convert to USDS (1:1).
• MKR and DAI deposits/withdrawals will no longer be supported.
• Any attempt to deposit MKR or DAI after the migration will result in lost funds.
• In your transaction history, you’ll notice a withdrawal of your current tokens and a corresponding deposit of your migrated version tokens. This confirms the migration happened successfully. Your new tokens will be available instantly, no action is needed.

4. Will my MKR and DAI be safe during the migration?
Yes, all funds will remain safe. Activity will be paused to ensure a secure and consistent migration.

5. Can I still deposit or withdraw MKR or DAI during this process?
No, these functions will be disabled starting September 3rd. Once SKY and USDS deposits and withdrawals are enabled, we’ll notify you.

6. What happens if I send MKR or DAI to my Bitso wallet after September 3rd?
They'll be permanently lost. Make sure you always double-check you’re sending SKY or USDS after the migration.

7. Can I opt out of the migration?
Yes, if you don’t want your MKR or DAI migrated, you must withdraw or sell them before September 3rd. After migration, only SKY and USDS will be supported.

8. What happens if I still have MKR or DAI on another platform?

If you hold MKR or DAI outside of Bitso, you can manually upgrade them through the official Sky protocol upgrade process. Follow the step-by-step instructions provided on the SKY Upgrade Hub and official resources to ensure a secure migration.

9. How can I buy SKY or USDS on Bitso after the upgrade?

1. Log in to your Bitso account.
2. Go to Buy/Sell.
3. Select the fiat currency (e.g., MXN, ARS) or crypto you want to use.
4. Choose SKY or USDS as the asset to purchase.
5. Enter the amount, review details, and confirm.

10. Can I send SKY and USDS to and from Bitso?
Yes. Once the migration is complete, both SKY and USDS will operate on the Ethereum network. You will be able to deposit or withdraw them to any Ethereum-compatible wallet that supports the respective tokens.

Depositing SKY or USDS to Bitso:

• Log in and select Deposit → Crypto → SKY or USDS.
• Copy your Bitso deposit address.
• Send SKY or USDS from your external wallet to this address.

Withdrawing SKY or USDS from Bitso:

• Log in and select Send.
• Enter the recipient’s Ethereum-compatible address.
• Specify the amount and confirm.