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Staking activity increases among MKR whales, leading to a 8% surge in Maker price, with Skybridge Capital reportedly taking part.

Whales' MKR tokens saw a surge in activity after the launch of SKY staking, offering attractive rewards. Remains to be seen if this trend continues.

Whales driving up MKR prices following SKY staking launch, offering attractive incentives, could...
Whales driving up MKR prices following SKY staking launch, offering attractive incentives, could see trends continue.

Staking activity increases among MKR whales, leading to a 8% surge in Maker price, with Skybridge Capital reportedly taking part.

Buckle Up: MKR Skyrockets After SKY Staking Debut!

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MKR soared 18% in June, fueled by the hype surrounding SKY staking debut! 🤔

Two whales with a staggering $5.4 million worth of MKR swooped in on the 2nd, converting their MKR to SKY and jumping aboard the staking bandwagon. 🏁

Since last September, the DeFi lending protocol has metamorphosed into the Sky ecosystem. The grand plan? Dethrone MKR as the governance token and replace it with SKY, with a conversion rate of 1 MKR to 24,000 SKY [🌐].

Goodbye DAI, hello USDS! The new stablecoin, USDS, is set to supersede DAI on a 1:1 conversion rate [🌐].

SKY's staking frenzy sparked a whopping 38% reward rate, but it stabilized at a still impressive 17% when we checked. 🚀

On the same day, over 40K MKR (approximately $72 million) converted and staked. But only 43% of the total MKR supply (530K tokens) has been upgraded so far [🌐]. This means the remaining conversions could send MKR and SKY prices sky-high!

The Sky ecosystem's TVL (total value locked) more than doubled from 2.89B SKY to 7.11B SKY, thanks to the SKY upgrade craze. 💰

Meanwhile, SKY token prized a massive 50% increase, soaring from $0.07 to $0.1, but giving back most of the gains by press time [📈].

MKR wasn't left out of the party; it skyrocketed 8% on Monday, adding another 4% for good measure, posting a 18% June rally and retesting the $1800 mark. 📉

RSI signals suggested MKR may rally to the $2K psychological level. However, MKR has experienced negative net exchange flows since late May, hinting at a strong accumulation trend as more MKR tokens shifted from exchanges to self-custody [📊].

Now that SKY staking is live, whales will keep withdrawing MKR to upgrade to SKY and pocket the tasty rewards. If the SKY surge persists through the remaining conversion period, MKR may carry on soaring [📈].

Stay tuned for more DeFi-nite doses of crypto news! 🚀

[🌐] Source: Sky Money 📃

[📈] Source: MKR/USDT, TradingView 📈

[📊] Source: Glassnode 📈

[🏁] Info: MKR to SKY Conversion is part of a broader transition within the Maker ecosystem, known as Sky Protocol. This transition has three phases, with Phase One already underway. Key actions in Phase One include disabling the conversion from SKY to MKR, launching a new conversion contract from MKR to SKY, and disabling MKR Flop Auctions and the Emergency Shutdown Module. 📌

[📃] Enrichment Data: The MKR to SKY conversion is part of a broader transition within the Maker ecosystem, now known as Sky Protocol, aimed at upgrading its governance token from MKR to SKY. This transition is happening in three phases, with Phase One already underway.

[📈] Enrichment Data: The transition to SKY tokens is expected to influence the demand and price dynamics of both MKR and SKY.

[📊] Enrichment Data: A penalty for late conversion from MKR to SKY is set to begin on September 18, 2025. This penalty reduces the amount of SKY received per MKR by 1% and increases by 1% every three months, incentivizing holders to upgrade earlier.

  1. The whales, with a significant amount of MKR tokens, have started staking their MKR for SKY on the exchange, contributing to the ongoing DeFi trend in crypto finance.
  2. As part of the Sky Protocol transition, MKR tokens are being converted to SKY tokens at a rate of 1 MKR to 24,000 SKY, marking a shift in the governance token from MKR to SKY.
  3. The sudden surge in staking SKY has led to a whopping 38% reward rate initially, which has since stabilized at a still impressive 17%, indicating a promising return for crypto investors.
  4. As more MKR tokens are converted to SKY due to the ongoing staking trend, the prices of both MKR and SKY are expected to increase significantly, potentially leading to another MKR price rally.

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