The SKY upgrade (MakerDAO → Sky Protocol) is in its final stretch. Holders must complete the MKR → SKY migration by September 18, 2025 to avoid a governance-approved penalty that begins soon after. Below is a clear SKY explainer—deadline, ratio, penalties, real-time SKY price context, and a step-by-step SKY action plan tailored for Gate users.
SKY migration: the SKY deadline, the SKY penalty, and why SKY holders must act
The migration deadline is set for September 18, 2025 to convert MKR → SKY at full value. If governance confirms, a Delayed Upgrade Penalty will start on September 22, 2025, reducing the SKY amount received for each late upgrade and increasing every quarter. The penalty begins at 1%—meaning 240 SKY lost per 1 MKR (since 1 MKR converts to 24,000 SKY)—and continues to increase over time.
SKY tokenomics: the SKY redenomination ratio and the SKY/USDS upgrades
Under Endgame’s redesign, MKR → SKY is fixed at 1 : 24,000, while DAI → USDS is 1 : 1. SKY is now the governance token of the Sky ecosystem; USDS is the upgraded stablecoin.
This redenomination significantly increases the unit count of SKY to improve liquidity and retail accessibility, while maintaining the same aggregate value at the time of conversion.
SKY price today: live SKY snapshot to frame migration decisions
As of Sep 17, 2025 ), SKY trades around $0.077 with ~$98M 24h volume, a market cap near $1.81B, and a circulating supply of ~23.42B SKY. These numbers fluctuate intraday, so holders should always check updated data before migrating.
SKY migration details: who needs to migrate SKY now, and what changes for SKY after the deadline
- Self-custody holders: If you hold MKR in your personal wallet and plan to participate in SKY governance or the Sky ecosystem, you need to migrate before Sept 18 to avoid penalties.
- Penalty mechanics: The penalty starts at 1% on Sept 22, 2025 and increases quarterly, reducing the number of SKY tokens received.
- Ecosystem roles: After migration, SKY will act as the governance token, while USDS replaces DAI on a 1:1 basis with added yield and stability features.
SKY risk notes: the SKY penalty math, the SKY security checks, and common SKY pitfalls
- Penalty math: At 1 MKR = 24,000 SKY, a 1% penalty equals 240 SKY lost per MKR. Overdue migrations compound losses over time.
- Security checks: Always use official SKY portals and apps to migrate. Double-check contract addresses and the 1:24,000 ratio displayed on the official page.
- Market execution: Migration periods may bring volatility. Confirm SKY price and liquidity before executing large transactions to avoid slippage.
SKY action plan for Gate users: a simple SKY checklist
1. Confirm your holdings:
Identify all MKR balances and plan to migrate before Sept 18 to avoid penalties.
2. Monitor Gate updates:
If you custody on Gate, check official announcements regarding SKY support, deposits, and withdrawals.
3. Use the official migration path:
Always migrate through the official SKY upgrade hub.
4. Plan post-migration usage:
Review how you’ll use SKY (governance, staking, or integration with USDS) after upgrading.
5. Stay secure:
Bookmark the official SKY domain and beware of phishing attempts offering fake migration tools or airdrops.
SKY FAQs: fast answers to common SKY questions
1. What happens if I miss the Sept 18 migration date?
You can still upgrade, but starting Sept 22, 2025, a penalty reduces your SKY allocation. The penalty starts at 1% and increases quarterly.
2. What is the conversion ratio?
1 MKR = 24,000 SKY. DAI = 1 USDS.
3. What’s the current SKY price?
At the time of writing: ~$0.077, 24h volume ~$98M, market cap ~$1.81B, with ~23.42B SKY circulating.
4. Is migration mandatory?
Not mandatory, but highly recommended—delaying exposes you to penalties and you’ll miss out on participating in the new SKY governance system.
SKY takeaway: act before the SKY deadline to avoid the SKY penalty
The SKY migration is approaching its final phase. September 18, 2025 is the last date for full-value upgrades; from September 22, penalties begin and increase over time. For Gate users, the clear plan is: verify your holdings, complete migration on time, monitor Gate updates, and keep strict risk discipline. Acting before the deadline ensures you keep full value and avoid unnecessary losses in SKY.
