As the cryptocurrency community eagerly anticipates a potential surge in alternative cryptocurrencies, a notable event occurred on August 24th when Ethereum approached its peak value of nearly $5,000. In a simultaneous event, a major investor, often referred to as a whale, liquidated 24,000 BTC, which triggered a significant drop in Bitcoin’s price, bringing it closer to the critical support level of $113,000. With the market in flux, various new crypto projects are surfacing, and some existing ones are undergoing rebranding, such as Maker (MKR), which has now transitioned to become SKY Protocol.
On August 25th, the Bitunix exchange successfully executed a token swap, moving from the well-known MakerDAO’s MKR to the freshly minted Sky (SKY). This development has launched spot trading for the SKY/USDT pair on Bitunix, offering crypto enthusiasts new opportunities to engage with and trade the SKY coin.
What Is Sky (SKY) Coin?
Sky (SKY) is not just another cryptocurrency; it represents the transformation of the longstanding MKR token into a contemporary governance token designed for the advancing Sky Protocol. This protocol provides users with innovative methods to save and earn while retaining full control over their assets. At the core of the Sky ecosystem is USDS, its stablecoin, which is an upgraded version of DAI. USDS enables features such as a 4.5% annual savings rate and token incentives for users who supply USDS to the system.
From Maker to Sky
Sky emerged from the Maker Protocol, which was among the pioneers in the decentralized finance (DeFi) sector. Maker initially launched the DAI stablecoin in 2017, which was originally collateralized solely by Ethereum. By 2019, the platform evolved into Multi-Collateral DAI (MCD), allowing various assets to be used as collateral and introducing features like the DAI Savings Rate (DSR). In 2024, in alignment with a new strategic direction, MakerDAO rebranded to Sky Protocol, signifying a transition toward a more community-focused governance approach.
Founders and Vision
The concept for this initiative was introduced by Rune Christensen in 2015, who envisioned a decentralized stablecoin. While he played a pivotal role in its early development, management now resides with the community through a Decentralized Autonomous Organization (DAO). The overarching aim of Sky is to offer accessible, permissionless, and non-custodial financial services, allowing anyone globally to utilize stable currency (USDS) and participate in decentralized governance (SKY) without dependence on traditional banking systems or centralized entities.
Where to Buy Sky (SKY) Coin
As of August 25th, the SKY/USDT trading pair is available on Bitunix. This exchange is designed with user-friendly features, ensuring a secure and transparent buying experience. Bitunix has rapidly grown to become one of the fastest-expanding crypto exchanges, boasting over 2 million users and an average daily trading volume of $5 billion.
Why Did Bitunix List Sky (SKY) Coin?
The decision by Bitunix to list the SKY token was made to facilitate the official transition from MKR to SKY and to support the vision underlying the Sky Protocol. By quickly listing SKY post-rebranding, Bitunix is enabling users to engage in governance, savings, and rewards associated with the SKY project. This strategic move simplifies the purchasing process for users interested in acquiring SKY while aligning with significant advancements in the DeFi landscape. Bitunix’s endorsement of this initiative highlights the potential of Sky to deliver a valuable, user-centric DeFi experience.
How to Buy Sky (SKY) Coin?
Purchasing SKY is straightforward, even for newcomers to cryptocurrency. Here’s a simple guide: 1. Open an Account: Visit the Bitunix platform and log into your existing account or create a new one with your email and password. 2. Add Money: Navigate to the wallet section, select USDT, and deposit funds. This can be done from another exchange or your personal wallet. 3. Find SKY: Go to the Spot Trading area, search for “SKY,” and select the SKY/USDT market. 4. Buy SKY: You can choose between two order types: Market Order, which buys immediately at the current price, or Limit Order, which allows you to set a specific price, executing the purchase once the market reaches that level. Specify the amount of SKY you wish to purchase and confirm your order. The tokens will then be credited to your exchange wallet.
