Binance Backs Major Shift: Maker (MKR) Becomes Sky (SKY) — Here’s What You Must Know

Change is brewing in the crypto space once again, and this time, it’s coming from the MakerDAO ecosystem. One of DeFi’s most recognised tokens, Maker (MKR), is officially undergoing a major transformation. Binance has just confirmed its full support for the Maker (MKR) token swap, redenomination, and rebranding to Sky (SKY).

If you hold MKR or have been following the project, here’s everything you need to know about this big move and what it means for your portfolio.

Why the Rebranding to Sky (SKY)?

In simple terms, the Maker (MKR) token is being replaced by Sky (SKY). But that’s not just a name change. It’s a token swap, a redenomination, and a rebrand all wrapped into one event.

Binance is facilitating the entire process, ensuring that users holding MKR on the exchange don’t need to take any manual action. The swap will happen seamlessly, and with this, a new era begins for the Maker ecosystem, now rebranded under the Sky (SKY) name.

MakerDAO has been one of the pioneering projects in DeFi, largely thanks to its stablecoin DAI and governance through MKR. But over the years, the landscape has shifted. New competitors have emerged. New narratives have formed around decentralised governance, scalability, and ecosystem expansion.

This rebranding to Sky (SKY) is part of a broader strategic realignment. It’s designed to reposition the project, refresh its image, and attract a new wave of users and developers. In the fast-moving world of crypto, sometimes a rebrand is exactly what’s needed to reignite attention and innovation.

That said, the swap is not just cosmetic. It includes a 24,000:1 redenomination, meaning for every 1 MKR token, you’ll get 24,000 SKY.

A Note About the SKY Ticker

If you’ve been in crypto long enough, you’ll remember that SKY was previously the ticker for Skycoin, a different token that was delisted from Binance back in 2021. To avoid confusion, Binance is reassigning that old ticker. Existing Skycoin (SKY) holders on Binance will see their tokens renamed to SKYCOIN by July 25, 2025.

This ensures that when the new Sky token goes live, there won’t be any mix-up between the two projects. There are multiple phases to this token swap and rebrand. Here’s a simplified timeline so you can stay on track:

1. August 29, 2025:
   Binance Margin will suspend cross and isolated margin borrowings for MKR pairs.
    
2. September 5, 2025:
   Binance Loans will close all outstanding MKR loans. The Buy & Sell Crypto service will also remove MKR.
    
3. September 8, 2025:
   Binance Futures will close all open MKR positions and automatically settle them. Trading bots linked to MKR will be deactivated.
    
4. September 12, 2025:
   Simple Earn will cease support for MKR Flexible Products. Users will stop earning yield from that date.
    
5. September 15, 2025:

• All MKR spot trading pairs will be removed: MKR/BTC, MKR/TRY, MKR/USDC, and MKR/USDT.
   
• Deposits and withdrawals of MKR will be suspended.
   
• MKR Gift Cards will no longer be redeemable. 
  
  6. September 17, 2025:
• Trading for SKY begins with these pairs: SKY/BTC, SKY/TRY, SKY/USDC, and SKY/USDT.
   
• Deposits for SKY tokens open.

This is the transition window. Binance will take care of all conversions and swaps automatically. Once complete, MKR tokens will no longer exist on Binance, only SKY.

How Binance Is Managing the Transition

At the core of this transition is the redenomination process. For each MKR you own, you’ll receive 24,000 SKY tokens. This might sound like a huge jump in the number of tokens, but remember, the value is adjusted proportionally. The overall market cap stays the same. This makes SKY a more accessible token by reducing its unit price, much like a stock split in traditional finance. If you’re a Binance user, the good news is, you don’t need to do anything.

Binance is handling:

• The entire technical migration from MKR to SKY
   
• Swap conversions
   
• Reopening of deposits and withdrawals for SKY
   
• New spot trading pairs under the SKY ticker

All your balances, across Spot, Margin, and other Binance services, will reflect the change automatically after the swap.

Impact on Futures, Margin, and Other Services

The rebrand affects more than just spot trading. Here’s a breakdown:

• Futures: All MKR contracts will be closed and settled. There won’t be MKR futures on Binance post-swap. A separate announcement might be made if Binance decides to list SKY futures in the future.
   
• Margin: Both cross margin and isolated margin trading for MKR will be fully removed. Outstanding liabilities or collaterals involving MKR will be converted or liquidated as per Binance's policies.
   
• Simple Earn: Existing MKR staked in Flexible Products will be redeemed to Spot wallets. Afterwards, Binance plans to automatically resubscribe converted SKY assets back into Simple Earn for users.
   
• Loans & Gift Cards: All outstanding MKR loans will be closed. Additionally, you won’t be able to create or redeem MKR Gift Cards beyond the cutoff date.
   
• Convert Services: MKR will also be removed from Binance Convert and Convert Low-Value Assets services.
   
• Binance Pay: MKR will be delisted from the list of supported cryptocurrencies on Binance Pay.

All of these changes are crucial to prevent any service disruptions or confusion.

What Users Should Do Now

While Binance is handling most of the heavy lifting, there are still some best practices you should follow:

1. Close any open MKR positions early, especially on margin or futures, to avoid auto-settlement.
    
2. Repay any MKR loans before September 5, 2025, to avoid forced liquidation.
    
3. If you have MKR in Simple Earn, be prepared for automatic redemption.
    
4. Stay updated via Binance’s official channels in case of any additional announcements.
    
5. If you’re a Margin user with Portfolio Margin, monitor your maintenance margins to avoid unexpected liquidations.

Why This Matters for Investors

This isn’t just a branding exercise. The redenomination makes the token more tradable for everyday investors. Instead of a high unit price like MKR, SKY’s lower denomination could improve liquidity and attract new participants.

Moreover, the new Sky brand is meant to represent a rejuvenated vision for the MakerDAO ecosystem. Whether this translates into a stronger community, better governance, or more robust DeFi products remains to be seen. But for holders, it’s a bet on future growth.

Final Thoughts

Change can be unsettling, but it also signals progress. The Maker to Sky transition is a significant milestone not just for the project but also for DeFi as a whole. Binance’s comprehensive support ensures that users experience minimal friction.

If you’ve been holding MKR, you’re about to own a bag of SKY tokens. If you’ve been waiting for a lower-priced entry into this ecosystem, that opportunity is just around the corner. Simply set an alarm for September 17, 2025, on your calendar, because Sky (SKY) will officially take flight on Binance.