Upgrade MKR to SKY
SKY has been voted in as the sole governance token of the Sky Protocol. Upgrade your MKR to SKY promptly to maintain the ability to participate in Sky Ecosystem Governance — and avoid the Delayed Upgrade Penalty.
The Delayed Upgrade Penalty is a time-based upgrade approved by Sky Ecosystem Governance and designed to facilitate a smooth and prompt upgrade of MKR to SKY.
The penalty, which took effect in September 2025, reduces the amount of SKY received per MKR upgraded by a rate of 1%. The reduction will increase by an additional 1% every three months thereafter, until it reaches 100% in 25 years.
Upgrade using your favorite frontend
Do more with SKY in DeFi
How to upgrade
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Upgrade resources
Frequently asked questions
Visit the Sky FAQ page for the full list of FAQs
The MKR to SKY Upgrade Guide
The Guide is technical in nature and extremely detailed. Users looking for plain-language upgrade details and instructions, refer to the Upgrade FAQs.
Upgrade to power the future
Preserve your voice in governance with SKY.
- SKY is the technical and functional evolution of MKR.
- Upgrading MKR to SKY strengthens the integrity, effectiveness and usefulness of the Sky Protocol.
- SKY inherits the governance rights and privileges previously held by MKR-use SKY to vote directly or to delegate your voting power, just as you once did with MKR.
- Only SKY will enable access to Staking Rewards and the ability to delegate voting power via the Staking Engine of the Sky Protocol.
- The MKR to SKY upgrade rate—1 MKR:24,000 SKY—provides more people with access to the Sky Protocol and ecosystem. Streamlined access to SKY could mean an increase in the number of SKY holders who choose to participate in Sky’s decision-making process.
- It is not possible to revert back to MKR from SKY via the Sky Protocol.
Upgrade Incentives and Delayed Upgrade Penalty
Upgrading promptly avoids the penalty and ensures a more efficient, effective and resilient ecosystem.
- The Delayed Upgrade Penalty, which took effect in September 2025, is a time-based upgrade approved by Sky Ecosystem Governance.
- To incentivize timely upgrades, the penalty reduces the amount of SKY received per MKR upgraded by a rate of 1%. The reduction will increase by an additional 1% every three months thereafter, until it reaches 100% in 25 years.
- This penalty structure may be amended or removed at any time through a Sky Ecosystem Governance vote.
- The SKY accrued in the Sky Protocol as a result of the Delayed Upgrade Penalty is held in the Converter contract and controlled by Sky Ecosystem Governance.
- Blockchain, or gas, fees for using the Ethereum network apply when upgrading. Blockchain transaction fees are neither controlled, imposed nor received by Sky.money or the Sky Protocol.
Time-based Delayed Upgrade Penalty Structure at a Glance
| Timeframe | Penalty imposed |
|---|---|
| Prior to September 22, 2025 | 0% penalty (full SKY received) |
| +3 months | 1% penalty |
| +6 months | 2% penalty |
| ... | ... |
| +25 years | 100% (zero SKY received) |
Start voting with SKY
New token, same process. Follow the steps below to use SKY to vote directly on Sky Ecosystem Governance proposals and/or delegate your voting power—just as you did with MKR.
Go to the Maker Governance Voting Portal
Visit vote.makerdao.com to remove your MKR from the old Chief contract or, if applicable, un-delegate your MKR from the delegate you’ve chosen to vote on your behalf.
Go to the new Sky Governance Voting Portal
Visit vote.sky.money and do the following to vote or delegate:
Approve your SKY. Permit the new Chief contract to use your SKY tokens.
Deposit SKY. Lock your SKY tokens into the new Chief contract to activate your voting power or assign your voting power to a delegate of your choice or to a contract that you own.
Vote. Review the latest Polls and Executive Proposals, and take action.
Start Staking with SKY
Use SKY to access Staking Rewards and more.
Supply SKY tokens to the Staking Engine of the Sky Protocol to create positions that will enable you to generate and borrow USDS against your supplied SKY, transfer your voting power to a delegate or a contract that you own, and access Staking Rewards.
Don't wait. Upgrade your MKR to SKY now.
Participate in decentralized governance and support the Sky ecosystem's long-term growth and scalability.