Sky, previously known as Maker, has launched a new incentive program for staking its native SKY token, offering rewards paid in USDS stablecoins. According to the official announcement on June 3rd, the current annual percentage yield (APY) for staking SKY stands at a competitive 17.48%, positioning it as an attractive option for yield-focused investors in the crypto space. This move aims to enhance token utility and encourage long-term holding among stakeholders.
In a notable development preceding this update, two significant holders, or whales, transferred approximately $5.4 million worth of MKR tokens from Binance to stake them within the ecosystem. This activity signals growing confidence in the platform’s staking incentives and may influence market dynamics by reducing circulating supply. Such strategic shifts underscore the evolving landscape of decentralized finance protocols seeking to balance liquidity and reward mechanisms effectively.