Sky faces scrutiny over potential $756M exploit flaw
Sky’s (formerly MakerDAO) use of externally owned accounts (EOAs) to manage $756 million in USDC reserves raises questions about security and transparency.
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Sky’s (formerly MakerDAO) use of externally owned accounts (EOAs) to manage $756 million in USDC reserves raises questions about security and transparency.
Just four MKR whales constituted 98% of the voting power in favor of sticking with the Sky rebrand.
Rune Christensen proposed a deflationary model for Sky, halting token emissions and aligning with MakerDAO’s original supply reduction vision.
Maker rebranded to Sky just two months ago in August as part of its Endgame overhaul, but there has been some resistance.
A “decentralized governance” body could decide the fate of frozen USDS if the stablecoin goes ahead with a freeze feature, says Sky co-founder Rune Christensen.
The plan would create markets for DAI-replacement USDS on Aave.
USDD’s Bitcoin collateral was removed without a vote from its DAO, but Justin Sun insists it’s a normal event in DeFi.
BitGo recently announced a new venture to diversify its Wrapped Bitcoin custodial locations, and Justin Sun’s involvement has caused concern for some.
