Sky Governance has voted to make SKY the sole governance token of the Sky Protocol. As a result, MKR holders are encouraged to upgrade to SKY to maintain the ability to participate in governance, maintain access to Staking Rewards, and to avoid the Delayed Upgrade Penalty.
For more information, visit the MKR to SKY Upgrade Hub.
To support the MKR to SKY Upgrade, we have added a new MKR to SKY Upgrade page to the Sky Risk & Analytics Dashboard.
→ https://info.sky.money/upgrade
This post outlines key features of the new MKR to SKY Upgrade page.
Homepage - MKR to SKY Upgrade Widget
A new preview widget now appears on the Sky Risk & Analytics Dashboard homepage. The widget features an MKR to SKY Upgrade Progress bar. The widget shows: (i) the amount of MKR already upgraded (highlighted in green), (ii) the total circulating MKR available for upgrade, and (iii) the percentage of MKR supply that has already been upgraded.
MKR to SKY Upgrade Page
Click the MKR to SKY Upgrade Progress widget to open the new Upgrade page. At the top, the MKR to SKY Upgrade Hub button links to the official step-by-step upgrade instructions. Beneath, a time-series chart shows historical MKR upgrades, followed by the current Delayed Upgrade Penalty. As per language in the Atlas, this penalty will be set to 1% in the September 18 2025 Spell, and will increase by one percentage point every three months.
Finally, at the bottom of the page you’ll find an MKR to SKY upgrade breakdown, split into Upgrade v1 and Upgrade v2:
Upgrade v1 (Converter V1) refers to the legacy conversion contract, which was disabled following the May 15, 2025 Executive Vote.
Upgrade v2 (Converter V2) refers to the new conversion contract that only allows for one-way upgrading from MKR to SKY.
