SKY, SKY staking reward distribution begins…$1.6 million worth of tokens distributed in the first week
Summary
- SKY has announced the start of reward distribution for governance token SKY staking.
- In the first week alone, approximately $1.6 million worth of tokens were distributed to users, and currently, about $567 million worth of SKY is being staked.
- The staking reward rate reaches 16% annually, and USDS rewards based on protocol revenue are also available.
The decentralized finance (DeFi) protocol SKY (formerly MakerDAO) announced on the 10th that it has started distributing Sky Dollar (USDS) staking rewards for the governance token SKY staking.
Previously, the SKY community approved SKY as the sole governance token. SKY has inherited all governance functions previously performed by MKR, and existing MKR holders can upgrade their tokens at a rate of 24,000 SKY per 1 MKR.
This reward is part of a protocol upgrade that started on the 2nd, and in just the first week, approximately 1.6 million USDS were distributed to users. Currently, SKY tokens worth about $567 million (₩770 billion) are being staked, and the annual reward rate reaches 16%.
Stakers can continuously participate in governance directly or via delegation, and can also receive USDS rewards based on protocol revenue.
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