The proposal, posted to the Sky DAO forum on May 1, suggests the full switch will occur between May 15 and 19, after which downgrading from SKY back to MKR will no longer be possible.

Rune Christensen, co-founder of Sky, called the proposal a “major milestone” and fully supported the move, noting that dual token functionality had hindered exchange support.

Penalty for Delayed MKR to SKY Conversion

A key element of the proposal is a 1% penalty for delayed conversions from MKR to SKY, set to begin on September 18, increasing every three months thereafter. Delayed users will also receive fewer SKY tokens in return.

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This measure aims to encourage timely migration and accelerate SKY adoption by exchanges, as fragmentation has created liquidity challenges.

SKY Staking and Temporary Liquidation Freeze

Christensen emphasized that the introduction of SKY staking is the most impactful part of the proposal. USDS rewards tied to the protocol’s income will begin two to three weeks after the governance contract is upgraded, with 50% of earnings distributed.

To mitigate price manipulation risks, SKY liquidations are temporarily disabled during the early stages of the one-way token transition. Once liquidity stabilizes, Sky Governance will lift the freeze and restore long-term risk parameters.

Sky rebranded from Maker in August 2023, though backlash initially led to reconsidering the change. However, a November poll showed 79% of holders supported keeping the Sky brand moving forward.

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The post Sky Pushes to Replace Maker Token and Finalize SKY Transition appeared first on Coin Engineer.

Currently, MKR is facing strong resistance in the bearish Fair Value Gap (FVG) zone above. This level is crucial, as breaking through it could push the price higher. If this resistance is surpassed, the next target will be the $1,969 resistance level. A successful breakout above this level could lead to further price appreciation.

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On the downside, in case of a market pullback, MKR has key support zones that need to be watched closely. The order block just below the current price serves as the first support level, followed by the $1,555 support zone. If the price drops further, the $1,358 level will act as the next major support.

Considering market dynamics, Maker (MKR) remains a highly volatile asset, making technical indicators and price trends critical for investors. Breaking the resistance could fuel further gains, while losing key support levels may trigger deeper corrections.

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The post Maker (MKR) Breaks Downtrend and Reaches Critical Resistance Zone appeared first on Coin Engineer.

Intraday Key Levels for Bitcoin

The BTC/USD pair has lost 3.61% in the last 24 hours and is currently trading at $88,655. Bitcoin (BTC) has continued its decline after losing the $92,053 support level. For a recovery, BTC needs to close above the $92,053 resistance. Key support levels are $85,414 and $81,337.

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Ethereum (ETH):

The ETH/USDT pair has dropped 0.92% in the past 24 hours, currently trading at $2,482. Resistance levels for ETH are $2,532 and $2,724, while support levels are $2,366 and $2,162.

Maker (MKR): The MKR/USDT pair has gained 22.75% in the last 24 hours and is now trading at $1,692. Resistance levels for MKR are $1,649 and $1,690, while key support levels are $1,598 and $1,559.

Celestia (TIA): The TIA/USDT pair has risen 16.42% in the past 24 hours and is currently at $3,717. Resistance levels for TIA are $3,781 and $4,120, with support zones at $3,513 and $3,309.

Quant (QNT): The QNT/USDT pair has increased by 13.75% in the last 24 hours and is trading at $104.6. Resistance levels for QNT are $107 and $110.4, while support levels are $99.9 and $96.1.

Trending Coins

In the past 24 hours, the most trending coins in the crypto market have been Sonic (S), Story (IP), and Hyperliquid (HYPE). The top gainers list includes Maker (MKR), Act I The AI Prophecy (ACT), and AB (AB), while the biggest losers are Ket (KET), Raydium (RAY), and The Grays Currency (PTGC).

Bitcoin Liquidation Map

Looking at Bitcoin’s 12-hour liquidation map, the major liquidation level on the upside is $89,518, with a total of $66.32 million. On the downside, $87,753 is another key liquidation level with $66.32 million.

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Key Levels for Bitcoin (BTC)

BTC/USD pair has gained 1.24% in the last 24 hours and is currently trading at $98,179. Bitcoin (BTC) lost the $98,331 support, continuing its decline with a re-test. To rise again, the $98,331 resistance level is critical. The support levels are $94,886 and $92,053.

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Ethereum (ETH): The ETH/USDT pair has gained 0.94% in the last 24 hours, trading at $2,755. The resistance levels are $2,877 and $2,930. The support levels are $2,725 and $2,532.

NEAR Protocol (NEAR): The NEAR/USDT pair has gained 10.36% in the last 24 hours and is trading at $3,535. The resistance levels are $3,606 and $3,874, while the support levels are $3,130 and $2,718.

Celestia (TIA): The TIA/USDT pair has gained 9.30% in the last 24 hours and is trading at $3,639. The resistance levels are $3,781 and $4,120. The support levels are $3,513 and $3,309.

Worldcoin (WLD): The WLD/USDT pair has gained 8.12% in the last 24 hours and is trading at $1,255. The resistance levels are $1,317 and $1,449. The support levels are $1,157 and $0.964.

Trending Coins

In the last 24 hours, MEOW (MEOW), KAITO (KAITO), and Story (IP) have been among the most trending coins. The top gainers are Story (IP), KAITO (KAITO), and Maker (MKR), while the biggest losers are Ket (KET), MEOW (MEOW), and Telcoin (TEL).

Bitcoin Liquidation Map

Looking at the 12-hour liquidation map for Bitcoin, the prominent liquidation at the top is at the $99,098 level, totaling $16.07 million. On the bottom side, the $97,129 level also saw $16.07 million in liquidations.

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The post The Latest on Bitcoin and Cryptocurrencies: 21 February appeared first on Coin Engineer.

Bitcoin (BTC) Key Intraday Levels

The BTC/USD pair has dropped 2.30% in the last 24 hours and is currently trading at $99,472. Bitcoin (BTC) lost the $101,545 support level and is moving towards lower support levels. If BTC attempts a rebound, $101,545 will act as a resistance level.

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Ethereum (ETH): The ETH/USDT pair has dropped 4.69% in the last 24 hours and is currently trading at $3,105. The resistance levels are $3,217 and $3,290, while the support levels are $3,091 and $2,994.

Cosmos (ATOM): The ATOM/USDT pair has dropped 9.15% in the last 24 hours and is currently trading at $5.671. The resistance levels are $5,925 and $6,130, with support levels at $5,588 and $5,387.

The Graph (GRT): The GRT/USDT pair has dropped 7.67% in the last 24 hours and is currently trading at $0.1624. Resistance levels are $0.1646 and $0.1809, while support levels are $0.1612 and $0.1517.

Maker (MKR): The MKR/USDT pair has dropped 5.56% in the last 24 hours and is currently trading at $1,075. The resistance levels are $1,107 and $1,200, with support levels at $1,060 and $1,006.

Trending Coins

In the last 24 hours, the most trending cryptocurrencies in the market include THORChain (RUNE), Official Trump (TRUMP), and Virtuals Protocol (VIRTUAL). The top gainers are WhiteRock (WHITE), Newton Project (NEW), and Tribe (TRIBE), while the top losers are Fartcoin (FARTCOIN), THORChain (RUNE), and io.net (IO).

Bitcoin (BTC) Liquidation Map

Looking at Bitcoin’s 12-hour liquidation map, key liquidation points are seen at $100,638 on the upper side with $39.54M in liquidation, and $98,647 on the lower side with $39.54M in liquidation.

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The post The Latest on Bitcoin and Cryptocurrencies: 2 February appeared first on Coin Engineer.

Bitcoin Intraday Key Levels

The BTC/USDT pair gained 2.74% in the last 24 hours and is currently trading at $101,412. Bitcoin (BTC) reacted strongly from the previously mentioned support level of $97,362, continuing its upward movement. If the rally persists, the next resistance level is at $103,608. On the downside, support levels are at $100,998 and $99,304.

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Ethereum (ETH): The ETH/USDT pair increased by 0.60% in the last 24 hours, currently trading at $3,651. For ETH, resistance levels are at $3,653 and later at $3,750. Support levels are located at $3,535 and $3,440.

Aptos (APT): The APT/USDT pair saw a 5.19% increase over the past day and is trading at $10.37. Resistance levels for APT are at $10.54 and then at $11.22, while support zones are $9.95 and $9.69 in case of further declines.

Maker (MKR): The MKR/USDT pair gained 2.47% in the last 24 hours and is currently trading at $1,613. Resistance levels for MKR are at $1,649 and $1,708, with support zones at $1,598 and $1,559 in case of a deeper pullback.

EOS (EOS): The EOS/USDT pair rose 1.74% in the past 24 hours and is trading at $0.925. Resistance levels for EOS are at $0.957 and later at $1.01, with support zones at $0.884 and $0.815 for further declines.

Trending Coins

The top trending coins in the last 24 hours include PHNIX (PHNIX), Vector Smart Gas (VSG), and ai16z (AI16Z).
Top gainers are Akuma Inu (AKUMA), Swarms (SWARMS), and WEMIX (WEMIX).
Meanwhile, the biggest losers are Sonic (S), ACT I The AI Prophecy (ACT), and AI Rig Complex (ARC).

Bitcoin Liquidation Map

Looking at Bitcoin’s 12-hour liquidation map:

• A significant liquidation at $102,751 stands out on the upper side, totaling $25.76M.
• On the lower side, $100,678 shows a notable liquidation of $22.05M.

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The newly branded USDS, formerly known as DAI, is touted as the first major DeFi-native stablecoin on Solana. It introduces innovative lending, borrowing, and trading capabilities across Solana’s top DeFi platforms.

Sky’s Vision for Solana

Sky’s Nov. 19 announcement described the USDS launch as the initial phase of its broader strategy to bolster Solana’s DeFi liquidity and TVL. The team is also considering deploying SkyLink, a cross-chain bridge for USDS and its savings-focused counterpart, sUSDS, subject to governance approval.

To accelerate adoption, Sky is offering a massive $500,000 USDS reward pool for early users and liquidity providers:

• Kamino Finance: Weekly rewards of 200,000 USDS for USDC/USDS liquidity providers and 100,000 USDS for stablecoin suppliers.
• Drift Protocol: 100,000 USDS rewards for stablecoin suppliers.
• Save Finance: Monthly rewards totaling 400,000 USDS for users supplying USDS.

The protocol utilizes Wormhole’s Native Token Transfer (NTT) for seamless operations, enhancing cross-chain functionality.

The shift from Maker to Sky has not been without challenges. The rebranding caused some confusion, even prompting co-founder Rune Christensen to propose reverting to the original name. However, the idea was ultimately rejected. Additionally, the governance token transition from MKR to SKY has been slow, as SKY is yet to list on exchanges, impacting its adoption.

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With a market capitalization of $5.3 billion, USDS ranks as the third-largest stablecoin, behind Tether (USDT) and USD Coin (USDC), which dominate 88% of the market. Despite its promising potential, USDS faces stiff competition in an already crowded stablecoin arena.

While Solana’s explosive DeFi growth has been noteworthy, much of its popularity has been fueled by the speculative frenzy surrounding meme coins, thanks to platforms like Pump.fun that make token creation fast and inexpensive.

Sky’s bold move onto Solana demonstrates a commitment to advancing DeFi innovation. The success of USDS will hinge on its ability to differentiate itself in a competitive market while leveraging Solana’s scalability and speed.

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The post Sky’s USDS Stablecoin Makes a Bold Move to Solana appeared first on Coin Engineer.

The complaint mostly revolves around the likelihood that USDS will enable its issuer to halt token freezing, unlike its predecessor DAI. Critics contend that this runs against accepted ideas of distributed money. Maker co-founder Rune Christensen said on August 27 that USDS will be built with an upgrade capacity instead of a freeze capacity, thus future governance choices would be able to introduce such a feature were necessary.

Particularly for financing the new stablecoin using US Treasuries, the possible freeze feature seems to be linked with regulatory compliance. “You are going to have a freeze function and a VPN jurisdiction blocker even if you want T-bill yield backing, even by secondary treasury deals,” Cinneamhain Ventures partner Adam Cochran said in advocating this strategy. This has not, however, lessened worries as many of the DeFi community members believe it might compromise the liberties projects are meant to provide.

Emphasizing that changing to USDS is voluntary, Christensen informed DAI clients DAI would not alter and free from any freeze capability. Notwithstanding these guarantees, the debut of USDS with its centralized characteristics has generated a lot of discussion on the route Maker’s and the DeFi ecosystem will go.

DeFi efforts still reflect the criticism as it fits very well with a more general problem on the conflict between decentralization and regulatory compliance.

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As part of this rebranding, Maker, known as the oldest DeFi lending protocol, has changed the name of its decentralized stablecoin from Dai (DAI) to USDS. Additionally, the protocol has introduced a new governance token, Sky (SKY), which will serve as the upgraded token for the broader Sky ecosystem.

MakerDAO Co-Founder Discusses Rebranding

MakerDAO co-founder Rune Christensen described the rebranding as the start of “the next evolution of DeFi.” In a statement about the rebranding, he emphasized that the new protocol focuses on simplicity and ease of use, offering features such as Sky Token Rewards (STRs) and Sky Savings Rate (SSR) for eligible users. Like its predecessor, Sky Protocol remains decentralized, community-driven, and non-custodial.

The rebranding effort also aims to attract more mainstream users from centralized exchanges (CEXs) by making the protocol more accessible. According to Christensen, the transition from MKR to SKY, with a conversion rate of 1:24,000, increases accessibility to the Sky ecosystem and allows more users to interact with the token beyond fractional ownership.

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Maker SubDAOs Rebranded as Sky Stars

As part of the rebranding, Maker’s SubDAOs will now be called Sky Stars. These Sky Stars will function as independent, decentralized projects within the Sky ecosystem, each with their own unique business model and operational autonomy. The first Sky Star to launch will be Spark, an open-source liquidity protocol that currently offers users a 6% yield on DAI deposits and allows borrowing USDS at a 7% interest rate.

Christensen explained that each Sky Star will have the freedom to issue its own governance token, manage its treasury and community, and make independent decisions. This structure will allow Sky Stars to innovate and take on more risk, while the main Sky Protocol focuses on preserving the value and security of the USDS stablecoin. Core Sky Governance will be responsible for mitigating risks, while Sky Stars will handle more specialized business operations.

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Known more for his purchases, Justin Sun has now turned to selling. According to on-chain analysis platform Spot On Chain, Sun executed sales on June 10th involving Aave (AAVE), Maker (MKR), Compound (COMP), and Liquity (LQTY).

The data reveals that Sun transferred $11.2 million worth of AAVE, $9.3 million worth of MKR, $245,000 worth of COMP, and $217,000 worth of LQTY to the cryptocurrency exchange Binance.

Why is Justin Sun Selling?

In recent months, Sun has been consistently buying large amounts of altcoins and holding tens of millions of dollars worth of them. It is highly likely that he is taking profits to hedge against potential market downturns.

With upcoming inflation data from the U.S. expected this Wednesday and Thursday, Sun appears to be approaching the market cautiously. If the data turns out unfavorable, it could trigger market declines, which Sun seems keen to avoid.

This week, the U.S. Consumer Price Index (CPI) and interest rate decision will be announced on Wednesday, followed by the Producer Price Index (PPI) data on Thursday.

By staying informed about Justin Sun‘s trading strategies and the potential market impacts of upcoming U.S. economic data, investors can better navigate the volatile cryptocurrency landscape.

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