MakerDAO has upgraded to the Sky Protocol, and now, Bitso will update its supported assets so your balances stay aligned with the new standard:
- MKR → SKY at a fixed rate of 1 MKR = 24,000 SKY
- DAI → USDS at a 1:1 ratio
After the migration, Bitso will only support SKY and USDS. If you prefer not to migrate, make sure to sell or withdraw your MKR and DAI before September 3rd.
Key details at a glance
Why is this happening?
MakerDAO has migrated its governance and stablecoin infrastructure to the Sky Protocol — the next evolution of the Maker Protocol. This new framework simplifies decentralized governance and enables non-custodial savings. The goal is to streamline voting, delegation, and support long-term ecosystem growth. That’s why MKR becomes SKY and DAI becomes USDS.
When and how will the asset migration happen on Bitso?
On Tuesday, September 3 at 10:00 AM (Mexico City) we’ll begin a short maintenance window. During this time we’ll pause MKR and DAI:
- Deposits
- Withdrawals
- Trading and conversions
Your MKR and DAI balances may be temporarily hidden.
Once the migration is finished, and checks are complete, SKY and USDS balances will appear in your account, and we’ll re-enable deposits, withdrawals, and trading for both on Ethereum.
Network supported on Bitso:
- Ethereum (ERC-20) for SKY and USDS.
Contract addresses (Ethereum):
- SKY: View on Etherscan
- USDS: View on Etherscan
About SKY and USDS
SKY replaces MKR as the governance token for the Sky Protocol. Holders can vote directly or delegate their vote, stake SKY to access rewards, and use it as collateral to borrow USDS — all while remaining in control of their assets through non-custodial smart contracts.
USDS is the upgraded, collateral-backed stablecoin aligned with Sky Protocol’s governance and branding.
How the conversion affects value
This change is a redenomination, meaning your number of tokens will increase, but the total value of your holdings will stay about the same.
It works like this: 1 MKR becomes 24,000 SKY, so while you’ll hold more tokens, their combined USD value should be roughly equal to what you had before.
How much SKY will I receive?
Multiply your MKR balance by 24,000.
- Example A: 0.50 MKR → 12,000 SKY
- Example B: 2.30 MKR → 55,200 SKY
What to expect on September 3rd (Mexico City time)
- Before 10:00 AM:
MKR and DAI operate normally. If you don’t want to migrate, make sure to sell or withdraw your MKR and/or DAI before this time. - 10:00 AM (maintenance starts):
We’ll pause MKR and DAI services. Your balances may be temporarily hidden while we process the upgrade. - Same day ( after checks):
Your balances will reappear as SKY and/or USDS. We’ll re-enable deposits, withdrawals, and trading on Ethereum.
Deposits, withdrawals, and buying after the upgrade
- Network: Use Ethereum (ERC-20) addresses only.
- Deposit to Bitso: App → Deposit → Crypto → SKY or USDS → copy your Ethereum deposit address → confirm.
- Withdraw from Bitso: App → Send → paste a valid Ethereum address → select SKY or USDS → confirm.
- Buy on Bitso: App → select Buy/Sell → choose any fiat (USD, MXN, BRL, ARS, COP) or crypto → select SKY or USDS → confirm.
FAQ
- Do I need to do anything to migrate?
No. If your assets are on Bitso, we’ll handle the migration of your assets during maintenance. - Can I opt out on Bitso?
Yes—just sell or withdraw your MKR and/or DAI before 10:00 AM on Sep 3. After the migration we’ll support SKY and USDS only. - I hold MKR/DAI outside Bitso—how do I upgrade?
Use the official Sky Upgrade Hub from a self-custody wallet. - Will MKR and DAI still exist?
They may continue as legacy tokens at the protocol level, but Bitso will only support SKY and USDS after the migration.
Disclaimer
This announcement is for informational purposes only and does not constitute investment, tax, or legal advice. Timelines and availability may change without prior notice and can vary by jurisdiction. Cryptoassets are volatile and carry risk. Please evaluate your objectives and risk tolerance before trading.
Bitso does not guarantee price equivalence at the time balances are updated. Displayed values may vary due to market conditions, spreads, liquidity, and rounding during the migration window.
Bitso will support SKY and USDS on Ethereum only; sending assets to unsupported networks or incorrect addresses may result in permanent loss.
For tax-related matters, consult your own advisor.
