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.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

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

Binance to Support Render (RNDR) Token Swap and Rebranding to Render (RENDER)

Important Dates and Actions:

July 22, 2024, 06:00 AM UTC: Binance will delist all existing RNDR spot trading pairs (RNDR/BTC, RNDR/USDT, RNDR/FDUSD, RNDR/USDC, RNDR/TRY, RNDR/EUR, and RNDR/BRL) and cancel all pending RNDR spot trading orders.

July 22, 2024, 06:30 AM UTC: Render (RNDR) deposits and withdrawals will be suspended. Users are advised to ensure that their RNDR deposits are completed before this time.

July 26, 2024, 11:00 AM UTC: Trading will open for the new RENDER pairs (RENDER/BTC, RENDER/USDT, RENDER/FDUSD, RENDER/USDC, RENDER/TRY, RENDER/EUR, and RENDER/BRL).

Additional Details:

RNDR tokens will be swapped to RENDER at a 1:1 ratio.

After the swap, RNDR deposits and withdrawals will no longer be supported.

Binance will handle all the technical requirements for the token swap.

Important Information for Users:

All RNDR spot trading pairs will be removed on July 22, 2024, at 06:00 AM UTC.

The exact pairs to be delisted are RNDR/BTC, RNDR/USDT, RNDR/FDUSD, RNDR/USDC, RNDR/TRY, RNDR/EUR, and RNDR/BRL.

Users’ spot trading orders will be automatically removed when trading ends.

Margin Trading and Leveraged Tokens for the specified RNDR pairs will be suspended on July 22, 2024, at 06:00 AM UTC.

Trading Bot services for the specified RNDR pairs will be terminated on July 22, 2024, at 06:00 AM UTC. Users are strongly advised to update or cancel their Trading Bots to avoid potential losses.

Spot Copy Trading will delist the specified RNDR pairs on July 21, 2024, at 06:00 AM UTC. The remaining pairs will be forcibly sold at market price after this time.

Users are advised to update or cancel their Spot Copy Trading portfolios before the deadline to avoid potential losses.

Binance will issue a separate announcement once the event is complete. For more details, users can refer to the official announcement from the project team.

The post Binance to Delist RNDR Trading Pairs and Support Render (RENDER) Rebranding appeared first on Coin Engineer.