In a statement on X, Bjelic said: 

“As projects evolve and mature, it’s natural for visions to evolve and sometimes diverge. With that in mind, I can no longer contribute to Polygon to the best of my abilities. However, I am confident that the project’s leadership is fully committed to its success. I will always be cheering from the sidelines and supporting however I can.” 

Bjelic will resign from his roles on the Polygon Foundation board. Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun founded Matic Network in 2017. The team later rebranded the project as Polygon. Polygon has gained a significant place in the blockchain ecosystem with its Ethereum Layer 2 solutions. Additionally, the platform has conducted significant R&D in zero-knowledge and proof-of-stake technologies. 

Polygon 2.0 and Token Transition: A New Step in Blockchain 

Polygon launched a significant token transition in late 2024 as part of its 2.0 roadmap. MATIC tokens were replaced with the new POL tokens at a 1:1 ratio. This change aimed to expand the use of the network’s native tokens across gas fees, staking, and infrastructure like AggLayer, making the Polygon network more functional and user-friendly. 

Bjelic’s departure is seen as a natural outcome of the token’s decentralization and changes in the governance structure. Nevertheless, Polygon continues its development process without slowing down. The team remains focused on technical innovations and pushing the boundaries of blockchain technology. With the support of the community and investors, token continues to strengthen its leadership position in Ethereum Layer 2 solutions. 

Lastly, POL is trading at approximately $0.237. This price is about 69% lower than its all-time high of $0.77 in December 2024. The 24-hour trading volume is approximately $142 million. 

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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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